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g. Property Insurance: One hundred percent replacement value of funded structure. <br /> 5. Minimum Limits of Insurance — Building Construction Period <br /> Prior to commencement of building construction and until construction is complete <br /> including any period for correction of the work and approved by the Agency, the <br /> Agency shall cause the construction contractor and related professionals to procure <br /> and maintain insurance against claims for injuries to persons or damages to Property <br /> which may arise from, or in connection with the activities related to this Agreement. <br /> The Agency and City shall be added as Additional Insureds on liability policies except <br /> Workers Compensation and Professional Liability, and as an Insured on Builders Risk <br /> policies. The cost of such insurance shall be paid by the Agency and/or any of the <br /> Agency's contractors/ subcontractors. The Agency shall maintain limits no less than <br /> the following: <br /> a. Commercial General Liability: $1,000,000 combined single limit per occurrence <br /> for bodily injury, personal injury and property damage and $2,000,000 in the <br /> aggregate. <br /> b. Automobile Liability: $1,000,000 combined single limit per accident for bodily injury <br /> and property damage. <br /> c. Professional Liability, Errors & Omissions: $1,000,000, Per Claim and in the <br /> Aggregate. <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 or Employers Liability Coverage: $1,000,000. <br /> 6. Minimum Limits of Insurance — Services Agreements <br /> The Agency shall maintain limits no less than the following: <br /> a. Commercial General Liability: $1,000,000 combined single limit per occurrence <br /> for bodily injury, personal injury and property damage and $2,000,000 in the <br /> aggregate. <br /> b. Automobile Liability: $1,000,000 combined single limit per accident for bodily injury <br /> and property damage. <br /> c. Professional Liability, Errors & Omissions: $1,000,000, Per Claim and in the <br /> Aggregate. <br /> d. Workers Compensation: Statutory requirements of the State of Residency. <br /> e. Stop Gap or Employers Liability Coverage: $1,000,000. <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 36 of 51 <br />