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Insurance Requirements for Capital Projects <br />These insurance requirements govern insurance coverage on the Capital Projects <br />improved using grant funding from the Department's Affordable Housing and <br />Sustainable Communities Program. The Department reserves the right to revise <br />and vary these requirements based on, among other items, the availability of <br />coverage, current insurance industry standards and concerns specific to the <br />insured property. <br />Recipients of Department grants are responsible for carrying the minimum <br />required insurance coverage according to this Disbursement Agreement. <br />Insurance coverage meeting the following requirements will be deemed by the <br />Department to be in compliance with this Disbursement Agreement. <br />Submit a certificate of insurance (or other evidence) that acknowledges the <br />Department's security interest and has appropriate coverage in force for property <br />and liability exposures as follows: <br />GENERAL REQUIREMENTS: <br />a. Copy of its commercial general liability policy and its excess policy or binder <br />until such time as a policy is available, including the declarations page, <br />applicable endorsements, riders, and other modifications in effect at the <br />time of contract execution. Standard ISO form No. CG 0001 or similar <br />exclusions are allowed if not inconsistent with Section 2, "Indemnification <br />and Insurance." Allowance of additional exclusions is at the discretion of <br />the Department. <br />b. Certificate of insurance showing all other required coverages. Certificates <br />of insurance, as evidence of required insurance for the auto liability and any <br />other required policy, shall set forth deductible amounts applicable to each <br />policy and all exclusions that are added by endorsement to each policy. <br />The evidence of insurance shall provide that no cancellation, lapse, or <br />reduction of coverage will occur without 10 days prior written notice to the <br />Department. <br />C. A declaration under the penalty of perjury by a certified public accountant <br />certifying the accountant has applied Generally Accepted Accounting <br />Principles (GAAP) guidelines confirming the Recipient has sufficient funds <br />and resources to cover any self-insured retentions if the self-insured <br />retention is $50,000 or higher. <br />25G-39 <br />