HomeMy WebLinkAboutExhibit 5•
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EXHIBIT D
INSURANCE REQUIREMENTS
Concessionaire 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 continue physical access to the parcel(s) of land
owned by the City of Miami which are described in the Agreement. Such policies of insurance
are to be in effect no later than the date of the full execution of 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
II. All Risk property insurance against loss or damage by fire, windstorm, with such
endorsements for extended coverage, vandalism, malicious mischief, flood and special
coverage, insuring 100% of the replacement cost of Concessionaire's improvements,
fixtures, equipment, furniture and all other personal property in and about the lease area.
This requirement may be waived provided that Concessionaire executes a full release
holding the City harmless for any damages incurred by Concessionaire due to the above
mentioned causes as defined in a standard All Risk policy,
III. Automobile Liability insurance covering all owned, non -owned and hired vehicles used in
conjunction with operations covered by this Agreement. The policy or policies of
insurance shall contain such limits as may be reasonably requested by the City from time
to time but not less than One Million Dollars ($300,000.00) for bodily injury and property
damage. The City of Miami shall be named as additional insured on the policy or policies
of insurance.
IV. Workers Compensation
Concessionaire shall at all times maintain Workers Compensation coverage as defined in
Section 440.107(2) of the Florida Statutes. Said policy shall be provided by
Concessionaire regardless of the number of employees or whether the employees are hired
directly by Concessionaire or are subcontracted out by a third party.
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The above policies shall provide the City of Miami with written notice of cancellation or
material change from the insurer not less 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 roust 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. Receipt
of any documentation of insurance by the City or by any of its representatives, which indicates
less coverage than required does not constitute a waiver of the Concessionaire's obligation to
fulfill the insurance requirements herein.
In the ere)a Concessionaire shall fail to procure ana place such insurance, the City may, but shall
not be obligated to, procure and place same, in which event the amount of the premium paid
shall be paid by Concessionaire to the City as an additional fee upon demand and shall in each
instance be collectible on the first day of the month or any subsequent month following the date
of payment by the City. Concessionaire's failure to procure insurance shall in no way release
Concessionaire from its obligations and responsibilities as provided herein.
The City's Division of Risk Management, reserves the right to reasonably amend the insurance
requirements by the issuance of a notice in writing to Concessionaire. The Concessionaire shall
provide any other insurance or security reasonably required by the City