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BEAN SPROUTS, LLC (2)
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BEAN SPROUTS, LLC (2)
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Last modified
2/11/2021 3:47:12 PM
Creation date
2/4/2021 5:20:57 PM
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Contracts
Company Name
BEAN SPROUTS, LLC
Contract #
A-2018-113-01
Agency
Parks, Recreation, & Community Services
Council Approval Date
5/1/2018
Expiration Date
9/17/2023
Insurance Exp Date
7/3/2021
Destruction Year
2028
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e. If we fail to mail proper written notice of <br />nonrenewal and you obtain other insurance, this <br />policy will end on the effective date of that <br />insurance. <br />For the purposes of Paragraph a.(2), commercial <br />excess and umbrella liability policies are defined in <br />215 ILL. COMP. STAT. 143.13.(h) as follows: <br />(h) "Commercial excess and umbrella liability policy" <br />means a policy written over one or more underlying <br />policies for an insured: <br />(1) that has at least 25 full-time employees at the <br />time the commercial excess and umbrella <br />liability policy is written and procures the <br />insurance of any risk or risks, other than life, <br />accident and health, and annuity contracts, as <br />described in clauses (a) and (b) of Class 1 of <br />Section 4 and clause (a) of Class 2 of Section 4, <br />by use of the services of a full-time employee <br />acting as an insurance manager or buyer; or <br />(2) whose aggregate annual premiums for all <br />property and casualty insurance on all risks is at <br />least $50,000. <br />C. The following Conditions are added to SECTION VI: <br />Premium Increase Or Coverage Change <br />If we elect upon renewal to increase the premium by <br />30% or more or make a material change in <br />coverage or deductible, we will mail or deliver notice <br />of such change to the Named Insured first shown in <br />the Declarations at least 60 days before expiration <br />of this policy. A copy of such notice shall be mailed <br />to your agent or broker. <br />If notice is mailed, proof of mailing will be sufficient <br />proof of notice <br />Page 2 of 2 <br />E. SECTION II - INVESTIGATION, DEFENSE, <br />SETTLEMENT <br />The following is added to SECTION II.A. <br />6. Will pay any prejudgment interest awarded <br />against the insured on the part of the <br />judgment we pay. If we make an offer to <br />pay the applicable limit of insurance, we will <br />not pay any prejudgment interest applicable <br />to any period of time after the offer. <br />F. SECTION VII- DEFINITIONS <br />The definition of "damages" is replaced by the <br />following: <br />"Damages" means a monetary award, monetary <br />settlement or monetary judgment. <br />The following are not considered "damages" and <br />are not covered by this policy: <br />1. Fines, penalties, sanctions or taxes; <br />2. Attorney's fees and costs associated with any <br />non -monetary relief awarded against the <br />"insured"; or <br />3. Any monetary award, monetary settlement or <br />monetary judgment for which insurance is <br />prohibited by the law(s) applicable to the <br />construction of this policy. <br />ew cF RAMwagementDMsian <br />Jy/\'x REVIEWED & APPROVED BY.- <br />V"° <br />--� Risk janagement Analyst <br />
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