Agenda - Council - 12/14/2010 - Laserfiche WebLink

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SECTION 11. INSURANCE Prior to the commencement of this Contract, the Contractor shall furnish the City with certificates or copies of the following policies of insurance, approved by the City Administrator, showing that such insurance is in force. All endorsements shall apply to both bodily injury or death and property damage coverage. A. Comprehensive general public liability insurance insuring against liability for bodily injury or death, in the sum of $500,000 for any one person and in the sum of $1,000,000 for two or more persons in the same occurrence, and for damages to property in the sum of $500,000. B. Workers' compensation insurance and employers' liability insurance as required by law. C. Automobile liability and property damage insurance, including coverage for non - owned and hired vehicles, in limits as for comprehensive general public liability coverage stated above. The City shall be named as an additional insured on the above policies, for coverage needed only for work, as specified in this Contract, which endorsement shall provide that coverage may not be terminated or changed by the insurer except upon 30 days' written notice to the City Administrator. No policy shall contain any provisions for exclusions from liability other than provisions for exclusion from liability forming part of the standard basic unamended and unendorsed form of policy, except that no exclusion will be permitted in any event if it conflicts with a coverage expressly required in this Contract, and in addition, no policy shall contain any exclusion from bodily injury to, or sickness, disease or death of any coverage under the contractual liability endorsement of the liability of the Contractor under this Contract. Compliance by the Contractor with the foregoing requirements to carry insurance and furnish certificates shall not relieve the Contractor from liability assumed under any provisions of this Contract. SECTION 12. PERFORMANCE BOND This Contract shall not be m effect until the Contractor has executed and delivered to the City Administrator a performance bond in the amount of $25,000 and executed by a corporate surety company authorized to do business in the State of Minnesota and satisfactory to the City to secure the faithful performance of this Contract by the Contractor, conditioned that the Contractor shall well and truly perform and carry out the covenants, tens and conditions of this Contract in strict accordance with its provisions. This Contract shall be subject to immediate cancellation by the City at any time if said bond shall be canceled or the surety thereon relieved from liability because of failure t pay the premium or termination of the period of the bond with ut renewal thereof. 6