Laserfiche WebLink
• <br /> _ SECTION 15 INSURANCE <br /> 15.1 Financial Security. <br /> (a) At its own expense, Grantee shall procure and maintain a corporate surety bond or <br /> provide other financial security satisfactory to State (the "Bond")in an amount <br /> equal to Ten Thousand Dollars ($10,000) , which shall secure Grantee's full <br /> performance of its obligations under this Easement,with the exception of the <br /> obligations under Section 8 (Environmental Liability/Risk Allocation)above. The <br /> Bond shall be in a form and issued by a surety company acceptable to State. State <br /> may require an adjustment in the amount of the Bond. <br /> (b) Upon any default by Grantee in its obligations under this Easement, State may <br /> collect on the Bond to offset the liability of Grantee to State. Collection on the <br /> Bond shall not relieve Grantee of liability, shall not limit any of State's other <br /> remedies, and shall not reinstate or cure the default or prevent termination of the <br /> Easement because of the default. <br /> 15.2 Insurance. At its own expense, Grantee shall procure and maintain during the Term of <br /> this Easement,the insurance coverages and limits described in Subsections 15. 2 (a)and(b) <br /> below. This insurance shall be issued by an insurance company or companies admitted and <br /> licensed by the Insurance Commissioner to do business in the State of Washington. Insurers <br /> must have a rating of B+or better by "Best's Insurance Reports," or a comparable rating by <br /> another rating company acceptable to State. If non-admitted or non-rated carriers are used,the <br /> policies must comply with Chapter 48.15 RCW. <br /> (a) Types of Required Insurance. <br /> (1) Commercial General Liability Insurance. Grantee shall procure and <br /> maintain Commercial General Liability insurance covering claims for <br /> bodily injury,personal injury, or property damage arising on the Property <br /> and/or arising out of Grantee's operations. If necessary, commercial <br /> umbrella insurance covering claims for these risks shall be procured and <br /> maintained. Insurance must include liability coverage with limits not less <br /> than those specified below: <br /> Description <br /> Each Occurrence $1,000,000 <br /> General Aggregate Limit $2,000,000 <br /> State may impose changes in the limits of liability: <br /> (i) As a condition of approval of assignment of this Easement; <br /> (ii) Upon any breach of Section 8, above; <br /> October 14,2002 Page 18 of 27 Outfall Easement <br /> V y <br />