HomeMy WebLinkAboutExhibit 3EXHIBIT `B'
INSURANCE REQUIREMENTS
I. Commercial General Liability
Limits of' Liability
Bodily Injury and Property Damage
Each Occurrence
General Aggregate Limit
Products/Completed Operations
Personal and Advertising Injury
Damage to Rented Premises
Endorsements Required
Liability
$1,000,000
$2,000,000
$1,000,000
$1,000,000
$ 100,000
City of Miami included as an Additional Insured
II. Business Automobile Liability
Limits of Liability
Bodily Injury and Property Damage Liability
Combined Single Limit
Scheduled Hired, Borrowed or Non Owned Autos
Any One Accident $ 1,000,000
Endorsements Required
City of Miami included as an Additional Insured
III. Worker's Compensation
Limits of Liability
Statutory -State of Florida
IV Employer's Liability
A. Limits of Liability
$100,000 for bodily injury caused by an accident, each accident.
$100,000 for bodily injury caused by disease, each employee
$500,000 for bodily injury caused by disease, policy limit
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V. Business Personal Property
A. Causes of Loss: Special Form
B. Valuation: Replacement Form
C. Business Interruption including extra expense
The above policies shall provide the City with written notice of cancellations or
material change from the insurer not less than thirty (30) days prior to any such
cancellation or material change. The City reserves the right to reasonably amend
the insurance requirements by the issuance of a notice in writing to Licensee. The
Grantee shall provide any other insurance or security reasonably required by the
City.
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. Best 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.
A current evidence and policy of insurance evidencing the aforesaid required
insurance coverage shall be supplied to the City of Miami, Department of Public
Facilities /Asset Management Division at the execution of this Agreement and a
new evidence and policy shall be supplied at least twenty (20) days prior to the
expiration of each policy period.
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 Licensee's obligation to fulfill the insurance requirements herein.
In the event Licensee shall fail to procure and 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 Licensee 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: Licensee's failure to
procure insurance shall in no way release Licensee from its obligations and
responsibilities as provided herein.
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