2007/12/05 Council Agenda Packet

r d. If coverage is on a claims made basis, the retroactive date shall be prior to or coincident with the date of this HOME Agreement, and the policy shall state that coverage is claims made, and state the retroactive date. If claims made, the Agency shall maintain coverage for the duration of this HOME Agreement and for a minimum of three years following termination of this HOME Agreement. The Agency shall annually provide the City with proof of renewal. Acceptance of claims-made coverage is dependent on the Project scope and approval by Risk Management. 2. Property Insurance with Special Causes of Loss & Builders Risk Insurance a. From the date of commencement of construction of the Project, if the Premises are vacant land at the date of execution of this Agreement, or otherwise from the date of this Agreement, the Agency shall, at no expense to the City, obtain and maintain a policy of Property Insurance with Special Causes of Loss, Said policy shall be maintained until the expiration or termination of this Agreement, as applicable. The City shall be named as an additional insured on said policy/policies by endorsement. b. Prior to the execution of this Agreement, the Agency shall provide the City a certificate of insurance with an additional insured endorsement as evidence of coverage and have the City of Everett, its officers, elected officials, agents and employees endorsed on its policy as an additional insured. Approval of insurance is a condition precedent to execution of this contract by the City of Everett Risk Management. All insurance shall be placed with insurance carriers licensed to do business in the state of Washington, and with carriers subject to approval by the City. 3. Workers' Compensation The Agency shall provide or purchase Workers' Compensation insurance coverage to meet the State of Washington industrial insurance regulations and cause any contractors or subcontractors working on behalf of the Agency to also carry such insurance prior to performing work on the Project. The City will not be responsible for payment of Workers' Compensation premiums or for any other claim or benefit for the Agency, its employees, consultants, Project contractors or subcontractors, which might arise under the State of Washington industrial laws that address Workers' Compensation. 4. National Flood Insurance Program This HOME Agreement is subject to the requirements of the Flood Disaster Protection Act of 1973 (Public Law No. 93-234). No portion of the assistance provided under this HOME Agreement is approved for acquisition or construction purposes, as defined under Section 3(a) of said Act, for use in an area identified by the Secretary of the United States Department of Housing and Urban Development as having special flood hazards which is located in a community not then in compliance with the requirements for participation in the National Flood Insurance Program pursuant to Section 201(d) of said Act; and the use of - 11 - , 4 i