Laserfiche WebLink
<br />The General Liability and Automobile Liability coverages shall name the Program <br />Manager, the City, and their respective officers, agents, employees and volunteers, as additional <br />insureds, and shall provide that the City and Program Manager shall be given thirty (30) days <br />advance written notice of expiration, reduction or cancellation of such coverage, by certified mail. <br />Program Manager shall cause each Contractor to maintain a Commercial General Liability Policy <br />of insurance with an aggregate limit of liability of not less than $2,000,000.00 products completed <br />operations, a general aggregate of not less than $2,000,000.00 and excess coverage of not less than <br />$2,000,000 each occurrence and general aggregate; provided, however, the City may waive or <br />reduce the minimum coverage requirements with respect to any Contractor. All such policies shall <br />meet the requirements set forth in Section 11.1. <br />11.3 Fire Insurance <br />Program Manager shall, to the extent appropriate, and each Contractor, to the extent <br />appropriate, to maintain fire insurance on such party's own equipment and machinery, or to <br />adequately self-insure the same. <br />11.4 Property InsuranceBuilders Risk <br />The City shall provide, or cause to be provided, and maintain at its sole cost, property <br />insurance in the amount of the value of the improvements on the property where the Project is to be <br />constructed on a replacement cost basis. The insurance shall include the interest of the City, the <br />Program Manager and its agents. Such insurance shall be on an all-risk policy form. <br />ARTICLE 12 <br />BONDS <br />12.1 General Requirement <br />This Article sets forth the bonding requirements to be imposed upon the Project <br />Contractors. Before allowing a Contractor to enter upon the Project Site and perform Project <br />construction work, the Program Manager shall file with the City four duplicates of each bond <br />required under this Article. These bonds shall be in the amounts and for the purposes specified <br />below. They shall be surety bonds issued by: either a California Admitted Surety or a current <br />Treasury Listed Surety (Federal Register), and either a current A.M. Best A VIII rated Surety or an <br />admitted surety insurer which complies with the provisions of the California Code of Civil <br />Procedure Section 995.660. Should any surety or sureties upon said bonds or any of them become <br />insufficient, Program Manager shall require renewal of said bond(s) with good and sufficient <br />sureties within ten (10) days after receiving notice from the City that the surety or sureties are <br />insufficient. The cost of bonds are included in the Project Budget. <br />12.2 Performance Bond <br />Program Manager shall (i) post a Performance Bond in favor of City on a form reasonably <br />acceptable to the City Attorney and equal in amount to 100% of the direct construction costs of the <br />Project, as security for the faithful performance of its obligations under the Construction <br />12 <br />