Granite Construction Company 5/24/2017

I I 1 (******) I 2 1-07.18 Insurance 3 4 1-07.18(1) General Requirements I 5 A. The Contractor shall obtain the insurance described in this section from 6 insurers approved by the State Insurance Commissioner pursuant to RCW 7 Title 48. The insurance must be provided by an insurer with a rating of A-: I 8 VII or higher in the A.M. Best's Key Rating Guide, which is licensed to do 9 business in the state of Washington (or issued as a surplus line by a 10 Washington Surplus lines broker). The Contracting Agency reserves the 11 right to approve or reject the insurance provided, based on the insurer 12 (including financial condition), terms and coverage, the Certificate of 13 Insurance, and/or endorsements. I 14 B. The Contractor shall keep this insurance in force during the term of the 15 contract and for thirty (30) days after the Physical Completion date, unless 16 otherwise indicated (see C. below). 17 C. If any insurance policy is written on a claims made form, its retroactive date, I 18 and that of all subsequent renewals, shall be no later than the effective date 19 of this Contract. The policy shall state that coverage is claims made, and 20 state the retroactive date. Claims-made form coverage shall be maintained I 21 by the Contractor for a minimum of 36 months following the Final Completion 22 or earlier termination of this contract, and the Contractor shall annually 23 provide the Contracting Agency with proof of renewal. If renewal of the I 24 25 claims made form of coverage becomes unavailable, or economically prohibitive, the Contractor shall purchase an extended reporting period 26 ("tail") or execute another form of guarantee acceptable to the Contracting I 27 Agency to assure financial responsibility for liability for services performed. 28 D. The insurance policies shall contain a "cross liability" provision. 29 E. The Contractor's and all subcontractors' insurance coverage shall be primary I 30 and non-contributory insurance as respects the Contracting Agency's 31 insurance, self-insurance, or insurance pool coverage. 32 F. All insurance policies and Certificates of Insurance shall include a 33 requirement providing for a minimum of 30 days prior written notice to the I 34 Contracting Agency of any cancellation�� in any insurance policy. 35 G. Upon request, the Contractor shall forward to the Contracting Agency a full 36 and certified copy of the insurance policy(s). I 37 H. The Contractor shall not begin work under the contract until the required 38 insurance has been obtained and approved by the Contracting Agency. 39 I. Failure on the part of the Contractor to maintain the insurance as required I 40 41 shall constitute a material breach of contract, upon which the Contracting Agency may, after giving five business days notice to the Contractor to 42 correct the breach, immediately terminate the contract or, at its discretion, I 43 procure or renew such insurance and pay any and all premiums in 44 connection therewith, with any sums so expended to be repaid to the 45 Contracting Agency on demand, or at the sole discretion of the Contracting 1 46 47 Agency, offset against funds due the Contractor from the Contracting Agency. I HOT MIX ASPHALT OVERLAY 2017 MARCH 2017 I 21