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1 <br /> notwithstanding the existence or availability of insurance or the insurance coverages required by the <br /> Contract Documents. <br /> 111 <br /> 15.2 BONDS <br /> 15.2.1 Payment and Performance Bond <br /> The Contractor shall provide a payment and performance bond in the amount of 100 percent of the <br /> Contract Sum in the form required by the Contract. This bond shall serve as security for the faithful <br /> performance of the Work and as security for the faithful payment and satisfaction of the persons <br /> furnishing materials and performing labor on the Work. The bond shall be issued by a corporation duly <br /> and legally licensed to transact surety business in the State of Washington. Such bond shall remain in <br /> force throughout the period required to complete the Work, and thereafter for a period of three hundred <br /> sixty-five(365)calendar days after Final Acceptance. The bond must be executed by a duly licensed <br /> surety company,which is listed in the latest Circular 570 of the United States Treasury Department,as <br /> being acceptable as surety on federal bonds. No surety's liability on the bond shall exceed the <br /> underwriting limitations for the respective surety specified in Circular 570. The scope of the bond or the <br /> form thereof prescribed in these Contract Documents shall in no way affect or alter the liabilities of the <br /> Contractor to the Owner as set forth herein. <br /> 15.2.2 Maintenance Bond <br /> The Contractor shall, prior to the release of Final Payment, furnish separate Maintenance(or Guarantee) <br /> Bonds in form acceptable to the Owner written by the same corporate surety that provides the Payment <br /> and Performance Bond for this Contract. These bonds shall secure the Contractor's obligation to replace <br /> or repair defective materials and faulty workmanship for a minimum period of one(1)year after Final <br /> Payment and shall be written in an amount equal to one hundred percent(100%)of the Contract Sum,as <br /> adjusted(if at all). <br /> 15.3 INSURANCE <br /> 15.3.1 General <br /> The Contractor shall obtain and keep in force during the term of the Contract and until thirty(30)days <br /> after the Completion Date,unless otherwise indicated below,the following insurance with insurance <br /> companies or through sources approved by the State Insurance Commissioner pursuant to Title 48 RCW. <br /> 15.3.2 Insurer Rating i <br /> The insurance provided must be with an insurance company with a rating of A-: VII or higher in the A.M. <br /> Best's Key Rating Guide,which is licensed to do business in the state of Washington(or issued as a <br /> surplus line by a Washington Surplus lines broker). The Owner reserves the right to approve the security <br /> of the insurance provided,the company,terms and coverage, and the Certificate of Insurance. <br /> 15.3.3 Claims Made Form Requirements <br /> If any policy is written on a claims made form,the retroactive date shall be prior to or coincident with the <br /> effective date of this Contract. The policy shall state that coverage is claims made, and state the <br /> retroactive date. Claims made form coverage shall be maintained by the Contractor for a minimum of <br /> three years following the expiration or earlier termination of this Contract,and the Contractor shall <br /> annually provide the Owner with proof of renewal. If renewal of the claims made form of coverage <br /> becomes unavailable, or economically prohibitive,the Contractor shall purchase an extended reporting <br /> period ("tail") or execute another form of guarantee acceptable to the Owner to assure financial <br /> responsibility for liability for services performed. <br /> 15.3.4 Cross Liability Endorsement <br /> The policies of insurance shall contain a"cross liability"endorsement substantially as follows: <br /> 1 <br /> General Conditions—007200-48 <br /> I <br />