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<br />actions,
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<br />4. Liability insurance during construction, The BORROWER shall require the CONSTRUCTION FIRM and
<br />its subcontractors to maintain, during the term of their contracts for construction of the PROJECT, the
<br />following insurance with a company that is satisfactory to the STATE:
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<br />a, Worker's compensation and employer's liability insurance in the required statutory amounts,
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<br />b, Automobile liability insurance which includes coverage for all owned, non-owned and hired
<br />vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property
<br />damage,
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<br />c, Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for
<br />each occurrence and $2,000,000 general aggregate, This insurance coverage shall include
<br />products/completed operations and personal injury,
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<br />d, Builder's risk for construction in progress for all perils of loss including fire, wind, hail, vandalism,
<br />and flood in an amount equal to the completed value of the PROJES!'
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<br />Said general liability insurance shall name the BORROWER,and;;th,e STATE as additional insured, An
<br />additional insured endorsement and a current copy of a;,~,rtifidite~<?f said,llability insurance must be
<br />provided to the STATE prior to beginning of construction~nd:maintained until construction is complete,
<br />No payments shall be made to the BORROWER....J;nless all insurance ~rtificates are current. Notices
<br />of renewals of said policies shall also be filed wi!ij'the STATE as they occur,
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<br />During the time of construction, tl;l,e,~STi"TE reserves the./rfght to increase the above amount of
<br />insurance so that said amountsJliaf~a minimum. correspond to the amounts established by the
<br />., .~.-, . .' .
<br />Colorado Governmental Immunity Act, nov-/ and as hereafter amended,
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<br />5. BORROWER'S indemnification of the STAre:' The BORROWER shall, without expense or legal liability
<br />to the STATE, manage, operate, and "maintain the PROJECT continuously in an efficient and
<br />economical manner, The BORROWER agrees to indemnify and hold the STATE harmless from any
<br />liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities,
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<br />6. BORROWER'S liability insurance. Upon execution of this contract and continuing until complete
<br />repayment of the loan is made to the STATE, the BORROWER shall maintain commercial general
<br />liability insurance with a company that is satisfactory to the STATE covering the management,
<br />operation, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single limit
<br />for each occurrence and $2,000,000 general aggregate, including products/completed operations and
<br />personal injury,
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<br />Said general liability insurance shall name the STATE as additional insured, A copy of a certificate of
<br />said insurance and an additional insured endorsement must be filed with the STATE, Evidence of
<br />current insurance coverage is to be provided as renewals occur, No loan funds shall be advanced by
<br />the STATE without evidence of said current coverage, Throughout the life of this contract, the STATE
<br />reserves the right to increase the above amount of insurance so that said amounts at a minimum
<br />correspond to the amounts established by the Colorado Governmental Immunity Act, now and as
<br />hereafter amended,
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<br />7. CITY'S and BORROWER'S authority to contract. The CITY and the BORROWER warrant that both the
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<br />City of Idaho Springs and
<br />City of Idaho Springs, Colorado, Water Enterprise
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