HomeMy WebLinkAboutExhibit 3Exhibit C
Insurance Requirements
Flagstone agrees to have the following policies of insurance in effect and will provide duly authorized
certificates of insurance to the Risk Manager for the City of Miami to confirm the existence of such
policies of insurance to gain physical access to the parcel(s) of land owned by the City of Miami located
on Watson Island which are described in this Agreement. Such policies of insurance are to be in effect no
later than the date of physical access to such parcels of land by Flagstone, its contractors and
subcontractors pursuant to this Agreement, except as otherwise noted in this Agreement.
I. Commercial General Liability subject to limits and endorsements as shown below:
A. Limits of Liability:
Bodily injury and property damage liability each occurrence: $1,000,000
General aggregate limit: $2,000,000
Products/completed operations: $1,000,000
Personal and advertising injury: $1,000,000
B. Endorsements required:
City of Miami included as additional insured
Employees included as insured
Independent contractor's coverage
Waiver of subrogation
Explosion, Collapse and underground hazard
II. Owners Contractors Protective:
A. Limits of Liability:
Bodily injury and property damage liability each occurrence: $1,000,000
Aggregate limit: $2,000,000
B. City of Miami included as named insured and general contractor as contractor
III. Business Automobile Liability
A. Limits of Liability (*)
Bodily injury and property damage liability combined single limit
Any auto, including hired, borrowed, or non -owned autos any one accident: $1,000,000
B. Endorsements required
City of Miami included as an additional insured
IV. Workers compensation
Limits of liability
Statutory -State of Florida
Waiver of subrogation.
V. Employers Liability (*)
A. Limits of Liability
$1,000,000 for bodily injury caused by an accident, each accident
$1,000,000 for bodily injury caused by disease, each employee
$1,000,000 for bodily injury caused by disease, policy limit
Pre -Development Easement Final 01-03-06
VI. Umbrella/excess liability
A. Limit of Liability: $1,000,000 per occurrence and $1,000,000 aggregate
B. City of Miami included as an additional insured.
(*) Limits on these policies are acceptable at $500,000 as long as supplemented by Umbrella limit of
$1,000,000
VII. Builders risk
Where applicable, Flagstone or its contractor agrees to obtain a builders risk insurance policy
(comparable to that described in Section 11.1(b) of the Ground Lease), prior to the commencement
of construction of certain structures commonly subject to builders risk insurance including but not
limited to site administration building and sales center building.
The above policies shall provide the City of Miami with written notice of cancellation or material change
from the insurer not Tess than (30) days prior to any such cancellation or material change.
Companies authorized to do business in the State of Florida with the following qualifications, shall issue
all insurance policies required above:
The company must be rated no less than "A-" as to management and no less than Class V as to financial
strength by the latest edition of Best's Insurance Guide, published by A. M. Bests Company, Oldwick,
New Jersey, or its equivalent. All policies and/or certificates of insurance are subject to review and
verification by Risk Management prior to insurance approval.
Notwithstanding the foregoing, Flagstone may cause its independent contractors to provide some or all of
the foregoing insurance coverages, and to the extent that such independent contractors carry such
coverages, Flagstone shall not be required to carry such coverages, so long as the coverages obtained
by Flagstone and such independent contractors together satisfy the requirements of this Agreement.
Pre -Development Easement Final 01-03-06