Laserfiche WebLink
d. Workers' Compensation: Workers' Compensation coverage, as required by the <br /> Industrial Insurance Act of the State of Washington, as well as any similar <br /> coverage required for this work by applicable federal or"Other States" state law. <br /> e. Stop Gap/Employers Liability: Coverage shall be at least as broad as the <br /> protection provided by the Workers' Compensation policy Part 2 (Employers <br /> Liability) or, in states with monopolistic state funds, the protection provided by the <br /> "Stop Gap" endorsement to the general liability policy. <br /> f. Property Insurance: Insurance Services Office form number (CP 00 10) covering <br /> BUILDING AND PERSONAL PROPERTY COVERAGE and Insurance Services <br /> Office form number (CP 10 30) CAUSES OF LOSS – SPECIAL FORM or project <br /> appropriate equivalent. Property insurance shall become effective immediately <br /> upon expiration of the Builders Risk/ Installation Floater. <br /> g. National Flood Insurance: The use of HOME funds for acquisition or construction <br /> purposes in identified special flood hazard areas shall be subject to Agency <br /> mandatory purchase of flood insurance as required by Section 102(a) of the Flood <br /> Disaster Protection Act of 1973 (Pub L. 93-237). <br /> h. Builder's Risk/Installation Floater: Prior to commencement of building construction <br /> and until construction is complete, including any period for the correction of the <br /> work, and approved by the County, the Agency or Contractor shall procure and <br /> maintain "All Risk" Builders Risk Insurance at least as broad as ISO form number <br /> CP0020 (Builders Risk Coverage Form) with ISO form number CP0030 (Causes <br /> of Loss—Special Form) including coverage for collapse, theft and property in <br /> transit. The coverage shall insure for direct physical loss to property of the entire <br /> construction project, for one hundred percent of the replacement value thereof. <br /> The policy shall be endorsed to add as an insured City of Everett, Owner, <br /> Contractor and subcontractors of all tiers with City of Everett listed as a loss payee. <br /> 4. Minimum Limits of Insurance – Capital Projects <br /> The Agency shall maintain limits no less than the following: <br /> a. Commercial General Liability: $1,000,000 combined single limit per occurrence by <br /> bodily injury, personal injury, and property damage; and for those policies with <br /> aggregate limits, a $2,000,000 aggregate limit. <br /> b. Professional Liability, Errors, and Omissions: $1,000,000, Per Claim and in the <br /> Aggregate. <br /> c. Automobile Liability: $1,000,000 combined single limit per accident for bodily injury <br /> and property damage if the use of motor vehicles is contemplated. <br /> d. Builder's Risk Insurance: One hundred percent replacement cost value. <br /> e. Workers' Compensation: Statutory requirements of the state of residency. <br /> f. Stop Gap/Employers Liability: $1,000,000. <br /> Loan Agreement <br /> Cocoon House <br /> Page 32 of 51 <br />