SA-3 - SA TAX ALLOCATION BONDS - Laserfiche WebLink

Home Browse Search

Exhibit 1 compensation insurance in such amount as will fully comply with the laws of the State of California and which shall indemnify, insure and provide legal defense for both the Consultant and the Successor Agency against any loss, claim or damage arising from any injuries or occupational diseases occurring to any worker employed by or any persons retained by the Consultant in the course of carrying out the work or services contemplated in this Agreement. (c) Automotive Insurance. Business automobile liability insurance, or equivalent form, with a combined single limit of not less than $1,000,000 per occurrence. Said policy shall include coverage for owned, non -owned, leased and hired cars. (d) Professional Liability or Error and Omissions Insurance. A policy of insurance in an amount not less than $1,000,000.00 per claim or as is customary for the work to be performed under this contract with respect to loss arising from the actions of Consultant perfonningprofessional services hereunder on behalf ofthe Successor Agency. All of the above policies of insurance shall be primary insurance and shall name the Successor Agency, its officers, employees and agents as additional insured's. The insurer shall waive all rights of subrogation and contribution it may have against the Successor Agency, its officers, employees and agents and their respective insurers. All of said policies of insurance shall provide that said insurance may not be amended or canceled without providing thirty (30) days prior written notice by registered mail to the Successor Agency. In the event any of said policies of insurance are canceled, the Consultant shall, prior to the cancellation date, submit new evidence of insurance in conformance with this Section 4.1 to the Contract Officer. No work or services under this Agreement shall commence until the Consultant has provided the Successor Agency with Certificates of Insurance or appropriate insurance binders evidencing the above insurance coverage and said Certificates of insurance or binders are approved by the Successor Agency. CANCELLATION: SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATED THEREOF, THE ISSUING COMPANY SHALL MAIL THIRTY (30) -DAY ADVANCE WRITTEN NOTICE TO CERTIFICATE HOLDER NAMED HEREIN. The Consultant agrees that the provisions of this Section 4.1 shall not be construed as limiting in any way the extent to which the Consultant may be held responsible for the payment of damages to any persons or property resulting from the Consultant's activities or the activities of any person or persons for which the Consultant is otherwise responsible. The insurance required by this Agreement shall be satisfactory only if issued by companies qualified to do business in California, rated "A" or better in the most recent edition of Best Rating Guide, The Key Rating Guide or in the Federal Register, and only if they are of a financial category Class VII or better, unless such requirements are waived by the Successor Agency Attorney due 3 SA -3-7