Laserfiche WebLink
• <br /> STATE OF <br /> P.' COLORADO Mason - DNR, Peg <peg.mason@state.co.us> <br /> Question on Insurance in regard to loans <br /> 1 message <br /> Mason -DNR, Peg <peg.mason@state.co.us> Fri, Jan 3, 2014 at 2:17 PM <br /> To: Markie Davis - DPA <markie.davis@state.co.us> <br /> Hi Markie- <br /> How's it's going? Hope you had a great new year! We watched the fireworks downtown and it was great fun with <br /> unusually good weather that night. I haven't had to bother you lately with any questions, but I have one now and hope <br /> you can help. We have the following clause in our State Controller Waived Loan Contracts: <br /> BORROWER'S Liability Insurance. <br /> a. Upon execution of this CONTRACT and continuing until complete repayment of the loan is made to the CWCB, <br /> the BORROWER shall maintain commercial general liability insurance, with a company that is satisfactory to <br /> the CWCB, with minimum limits of$1,000,000 combined single limit for each occurrence and $2,000,000 general <br /> aggregate, including products/completed operations and personal injury. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB with an Acord Form 25 <br /> evidencing said insurance and shall provide the CWCB with documentation of renewals of said insurance. <br /> Background: <br /> We have an Agent, Grand Mesa Water User's Association, that includes 92 entities. Five of their entities each have loans <br /> that were for reservoir rehabilitation projects; loan amounts ranging from $29,000 to $265,000 and they pledged <br /> collateral for each of them. All the loans are in repayment, construction projects completed. In the past, they have sent us <br /> evidence of insurance. They were just informed that the insurance was cancelled due to the fact that all of their projects <br /> are on federal property. So basically, they were told that the insurance they paid for was not valid and they could not get <br /> insurance again for these federal properties. <br /> Question: <br /> Can we waive the insurance requirement since the projects are completed and they are just repaying the loans? <br /> Thank you! <br /> Peg <br /> Peg Mason,Contracts Manager <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 158o Logan Street,Suite 600 <br /> Denver,CO 80203 <br /> Phone:(303)866-3441 ext.3227 <br /> peg.mason@state.co.us <br />