C153670B PIF Contract - Laserfiche WebLink

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a. Worker's compensation and employer's liability insurance in the required statutory amounts. b. Automobile liability insurance which includes coverage for all owned, non -owned and hired vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property damage. c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include products /completed operations and personal injury. d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, hail, vandalism, and flood in an amount equal to the amount of the PROJECT construction contracts. Said general liability insurance shall name the BORROWER and the STATE as additional insureds. An additional insured endorsement and a current copy of a certificate of said liability insurance must be provided to the STATE prior to commencement of construction and maintained until construction is complete. No payments shall be made to the BORROWER unless all insurance certificates are current. The BORROWER shall file notices of renewals of said policies with the STATE as renewals occur. During the time of construction, the STATE reserves the right to increase the above amount of insurance so that said amounts at a minimum correspond to the amount established by the Colorado Governmental Immunity Act, now and as hereafter amended. 5. BORROWER'S Indemnification Of The STATE and Liability Insurance. The BORROWER shall, without expense or legal liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and economical manner. The BORROWER agrees to indemnify and hold the STATE harmless from bility�cu ed by the STATE as a result of the STATE'S participation in financing the P , Upon execution of this contr co until complete repayment of the loan is made to the STATE, the BORROWS ai mmercial general liability insurance with a company that is satisfactory to the co r'#g he management, operation, and maintenance of the PROJECT with minimum limits o 1, 000 combined single limit for each occurrence and $2,000,000 general aggregate,i 1. g products /completed operations and personal injury. Said general liability insurand All name the STATE as additional insured. The BORROWER shall provide the STATE with an 'Acord Form 27 evidencing said insurance and an additional insured endorsement, and shall provide the STATE with documentation of renewals of said insurance. The STATE will not disburse any loan funds without evidence of said insurance coverage. Throughout the life of this contract, the STATE reserves the right to increase the above amount of insurance so that said amounts at a minimum correspond to the amount established by the Colorado Governmental Immunity Act, now and as hereafter amended. Because the BORROWER is a "public entity" within the meaning of the Colorado Governmental Immunity Act, CRS 24 -10 -101, et seq., as amended ( "Act "), the BORROWER shall at all times maintain such liability insurance, by commercial policy or self- insurance, as is necessary to meet its liabilities under the Act. Upon request by the STATE, the BORROWER shall provide proof of such insurance. d. Paragraph A.7.15 is revised to read as follows: b. The DISTRICT and the BORROWER have full power and authority to enter into this contract. The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly authorized by all necessary actions of the DISTRICT and the BORROWER. Page 4 of 8