7.1 SR 10-05-2020 - Laserfiche WebLink

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(b) Commercial general liability insurance (including operations of subcontractors, completed operations and contractual liability insurance) with limits against bodily injury and property damage of not less than $2,000,000 for each occurrence (to accomplish the above -required limits, an umbrella excess liability policy may be used). The City shall be listed as an additional insured on the policy; and (c) Workers' compensation insurance, with statutory coverage. (2) Upon completion of construction of the Minimum Improvements and prior to the Termination Date, the Developer shall maintain, or cause to be maintained, at its cost and expense, and from time to time at the request of the City shall furnish proof of the payment of premiums on, insurance as follows: (a) Property insurance against physical loss and/or damage to the Minimum Improvements under a policy or policies covering such risks as are ordinarily insured against by similar businesses. (b) Commercial general public liability insurance, including personal injury liability, against liability for injuries to persons and/or property, in the minimum amount for each occurrence and for each year of $2,000,000 and shall be endorsed to show the City and City as additional insureds (to accomplish the above -required limits, an umbrella excess liability policy may be used). (c) Such other insurance in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure, including workers' compensation insurance respecting all employees of Developer with statutory coverage. (3) All insurance required in this Article V of the Agreement shall be taken out and maintained in responsible insurance companies selected by the Developer that are authorized under the laws of the State to assume the risks covered thereby. Upon request, the Developer will deposit annually with the City material policies evidencing all such insurance, if requested by the City, or a certificate or certificates or binders of the respective insurers stating that such insurance is in force and effect. The Developer shall give written notice to the City at least 30 days before the effective date of any cancellation. In lieu of separate policies, Developer may maintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein, in which event Developer shall deposit with the City a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. Section 4.4 Condemnation, Damage or Destruction. In the event that title to and possession of the Minimum Improvements or any material part thereof shall be taken in condemnation or by the exercise of the power of eminent domain by any governmental body or other person (except the City) or the Minimum Improvements is damaged or destroyed, the Developer shall, with reasonable promptness after such taking, notify the City as to the nature and extent of such taking. Upon receipt of any Condemnation Award or insurance proceeds the Developer shall elect to either: (a) use the entire Condemnation Award or insurance proceeds to 15 LL185\61\675612.v1