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FRIDA CINEMA, THE (2)
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FRIDA CINEMA, THE (2)
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Last modified
8/8/2024 3:54:01 PM
Creation date
2/23/2024 3:36:51 PM
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Contracts
Company Name
FRIDA CINEMA, THE
Contract #
N-2024-062
Agency
Community Development
Expiration Date
10/9/2024
Insurance Exp Date
12/8/2024
Notes
SEE NOTICE OF COMPLIANCE FOR INSURANCE INFO.
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5. Self -Insured Retentions: Self -Insured retentions must be declared to and <br />approved by the City. The City may require theGrantee to purchase coverage with <br />a lower retention or provide proof of ability to pay losses and related investigations, <br />claim administration, and defense expenses within the retention. The policy <br />language shall provide, or be endorsed to provide, that the self -insured retention <br />may be satisfied by either the named insured or City. <br />6. Acceptability of Insurers: Insurance is to be placed with insurers authorized to <br />conduct business in the state with a current A.M. Best's rating of no less than <br />A:VII, unless otherwise acceptable to the City. <br />7. Claims Made Policies: If any of the required policies provide coverage on a <br />claims -made basis: <br />The Retroactive Date must be shown and must be before the date of the <br />contract or the beginning of contract work. <br />ii. Insurance must be maintained and evidence of insurance must be provided <br />for at least five (5) years after completion of the contract of work. <br />iii. If coverage is canceled or non -renewed, and not replaced with another <br />claims -made policyform with a Retroactive Date prior to the contract <br />effective date, the Grantee must purchase "extended reporting" coverage <br />for a minimum of five (5) years after completion of contract work. <br />8. Verification of Coverage: Grantee shall furnish the City with original Certificates <br />of Insurance including all required amendatory endorsements (or copies of the <br />f applicable policy language effecting coverage requiredby this clause) and a copy <br />of the Declarations and Endorsement Page of the CGt. policy listing allpolicy <br />s endorsements to City before work begins. However, failure to obtain the required <br />documents prior to the work beginning shall not waive the Grantee's obligation to <br />- provide them.The City reserves the right to require complete, certified copies of all <br />required insurance policies, including endorsements required by these <br />specifications, at any time. <br />9. Subcontractors: Grantee shall require and verify that all subcontractors maintain <br />insurance meeting all the requirements stated herein, and Contractor shall ensure <br />that City is an additional insured on insurance required from subcontractors. <br />10. Special Risks or Circumstances: City reserves the right to modify these <br />requirements, including limits, based on the nature of therisk, prior experience, <br />insurer, coverage, or other special circumstances. <br />8. Funding -Related Provisions <br />8.1 The City will be using funds made available to it by the American Rescue Plan Act of 2021 <br />("ARPA") to pay this amount, and that Grantee will be responsible for abiding by the rules and <br />regulations associated with said funding. <br />
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