Laserfiche WebLink
14 <br /> Such insurance shall be endorsed to include a"Cross Liability Endorsement," <br /> "Severability of Interests," or "Separation of Insured's" provision, indicating <br /> essentially that"except with respect to the limits of insurance, and any rights <br /> or duties specifically assigned in this coverage part to the first named insured, <br /> this insurance applies as if each named insured were the only named <br /> insured, and separately to each insured against whom claim is made or suit <br /> is brought." <br /> B. Property Insurance with Special Causes of Loss & Builders Risk Insurance <br /> From the date of commencement of a construction of the Project, or if the <br /> Premises are vacant land at the date of execution of this Agreement, or <br /> otherwise from the date of this Agreement, the Owner shall, at no expense <br /> to the City, obtain and maintain a policy of Property Insurance with Special <br /> Causes of Loss and ensure that subcontractors obtain Builders Risk <br /> Insurance in the amount not less than the full replacement cost coverage and <br /> that insurance provided must be to full replacement cost valuation basis. <br /> Said policy shall be maintained until the expiration or termination of this <br /> Agreement, as applicable. <br /> Approval of insurance is a condition precedent to approval of this Agreement <br /> by Risk Management. All insurance shall be placed with insurance carriers <br /> licensed to do business in Washington State and with carriers subject to <br /> approval by the City. <br /> C. Professional Services <br /> If the Owner is providing a professional service, Professional Liability <br /> Insurance is required: a minimum limit of coverage shall be $1,000,000 per <br /> occurrence. The policy shall have a retroactive date prior to or coincident <br /> with the date of this Agreement, and the policy shall state the retroactive date. <br /> The Owner shall maintain coverage for the duration of this Agreement and <br /> for a minimum of three years following termination of this Agreement. The <br /> Owner shall annually provide the City with proof of renewal. If renewal of the <br /> coverage becomes unavailable, or economically unavailable (i.e., premiums <br /> quoted exceed ten per cent (10%) of the limits of liability), the Owner shall <br /> notify the City in writing of such unavailability and shall secure comparable <br /> coverage from another carrier acceptable to the City prior to expiration of the <br /> existing policy. <br /> D. Workers' Compensation <br /> The Owner shall provide or purchase Workers' Compensation Insurance <br /> coverage to meet the Washington state industrial insurance regulations and <br /> cause any contractors or subcontractors working on behalf of the Owner to <br /> also carry such insurance prior to performing work on the Project. The City <br /> will not be responsible for payment of workers' compensation premiums or <br /> for any other claim or benefit for the Owner, its employees, consultants, <br /> Project contractors or subcontractors, which might arise under the <br /> Washington state industrial insurance laws that address workers' <br /> compensation. <br /> 7 <br /> 83 <br />