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HomeMy WebLinkAboutExhibitDRAFT PROFESSIONAL SERVICES AGREEMENT This Professional Services Agreement ("Agreement") is entered into this — day of , 2014 (but effective as of ) by and between the • City of Miami, a municipal corporation of the State of F1or a whose principal address is 3500 Pan American. Drive, Miami, Florida 331 1`Gity'.'), and McGladrey, LLP, a. limited liability partnership whos i-principal address is ("Provider"). R [TAL A. The City has issued a Request fa osals ("REP") No::9312 for the provision of External Auditing Services_, ("Service :for the City's Department of Finance ("Department" and Proviciek proposal;("Propo`safi"), in response thereto, has been ranked first.;. of the Services. Th P and fhe Proposal are sometimes referred to herein, collectively, as • the; :d selectee Pied proposal for the provision s reference incorporated into, attached and madeart of this Agrnentas part of Composite Exhibit A. B The Corru sson of`he City of Miami, .by, Resolution No. 2 XK adopted on Julyhis reference incorporated into, attached, and made a part of this Agreement asf Composite Exhibit A), approved the selection of Provider and authorized the City Manager to negotiate and execute a professional services agreement, under the terms and conditions set forth herein. C. Provider by the duly authorized officials of its limited liability partnership pursuant to its resolution (by this reference incorporated into, attached, and made a part of this Agreement as part of Composite Exhibit B) has authorized DRAFT 467941 p._3141 and as its designated representatives to negotiate, execute, deliver, and comply with the terms and conditions of this Agreement including all Exhibits and Attachments hereto. NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the legal sufficiency of which is hereby acknowledged, Provider and the City agree as follows: TERMS 1. RECITALS: The recitals are true 9.ffroir ect and are hereby incorporated into and made a part of this Agreement, Ti', ,greement for External' Auditing Services includes the following documen & which are n corpora e i herein by reference, attached, and made a part of this Agreemen a. The City's quest for Proposal a on April 17 b. Provide: for Proposal er's Propo `s of its addenda and attachments issued of Insurancefequired under Section 2.9 of the Request The City's Ro$o1utioi 14- , adopted July , 2014. ovider's corporate authorisations, good standing certificates, and evidences of qualifications to CiAluct business within the State of Florida and the City, and of payments of all professional business taxes related thereto. 2. TERM: The term of this Agreement shall be three (3) years commencing on the effective date hereof. 3. OPTION TO EXTEND: The City Manager shall have two (2) option(s) to extend the term hereof for a period of one (1) year each, subject to availability and appropriation of funds. DRAFT 467941 4. SCOPE OF SERVICE: A. Provider agrees to provide the Services as specifically described, and under the special terms and conditions set forth in Composite Exhibit "A" hereto, which by this reference is incorporated into and made a part of this Agreement. B. Provider represents and warrants to the City that: (i) it possesses and shall continue to possess throughout the term of this Agreemei t and any renewals hereof, all qualifications, licenses and expertise required un4. e' Se icitation Documents for the performance of the Services; (ii) it is npC elinquent an d all continue to not be delinquent throughout the term of this Ireement and any renew Is hereof, in the payment of any sums due the ity, includin�g�4p y ent }of permit fees, occupational licenses, etc., nor in the performance Gofany obligations to the City; (iii) all personnel assigned to perform the.,,Services are any renewals here, (iv) the Services w term, ExM all tim ring the term hereof and ly qualified and hrainedko perform the tasks assigned to each; and performed and shall ;continue to be performed throughout the y renewain the manner described in Composite Provider rep' Bents ai3c[ warrants to the Citythat it shall also require p�:�, q any X' '� and all subeon r &tsars assis1i g with the Services at any time to represent and warrant to the City and to Proviwd h f• (i) each possesses and shall continue to possess throughout the term of this Agreement and any renewals hereof, all qualifications, licenses and expertise required under the Solicitation Documents for the performance of the Services; (ii) each is not delinquent and shall continue to not be delinquent throughout the term of this Agreement and any renewals hereof, in the payment of any sums due the City, DRAFT 467941 including payment of permit fees, occupational licenses, etc., nor in the performance of any obligations to the City; (iii) all personnel assigned to perform the Services are and shall be, at all times during the term hereof and any renewals hereof, fully qualified and trained to perform the tasks assigned to each; and (iv) the Services will be performed and shall continue to be performed throughout the term of this Agreement and any renewals hereof, in the manner described in Composite Exhibit 5. COMPENSATION: A. The total amount of compens based on the rates and schedules described' ion'ayable by the City to Provider shall be Exhibit C hereto, whicl ii ythis reference is incorporated into this Agreement; provided, hoYve amount of compensation exceeci�}>3 _._ Dollars absence of a duly authorized and executed ae have no liability this Section. f less otlier�nse. spec]: ma der the Flor at in no evenia11 the total �.t ) annually. In the Agreement, the City shall eyond the limitations , expressed in vided in Exhibit C, payment shall be yment Act within forty five (45) days after receipt of ;Dice, which a11 be accompanied by sufficient supporting documentation and contain su c nt detail; t allow a proper audit of expenditures, should City require one to be performed. Note: Finance and Procurement will be providing Rates/Schedules/limitations for Exhibit C on costs, expenses, etc. and prior approvals required. C. Provider shall be solely responsible throughout the term of this Agreement and any renewal(s) hereof for proper documentation and invoicing of its subcontractors to DRAFT 467941 Provider for Services rendered and for prompt payment by Provider to any and all of its subcontractors from time to time assisting Provider' with the Services. 6. OWNERSHIP OF DOCUMENTS: Except for Provider's work paper's or administrative records (and any of the work papers or administrative records of Provider's subcontractors), which shall remain the property of Provider, Provider understands and agrees that any information; document, report or any other material whatsoever which is given by the City t ;including any information subsequently provided by Provider or City to anylof Provider's a1 contractors) or which is otherwise obtained or prepared by Pr Sqr or by its subcontractors pursuant to or under the terms of this Agreemst and any reneal(s)iereof, is and s i at all times remain the property of the Ci document, report or r rr aerial for a er agrees no. to use any such information, ver without the written consent of the hich m,ybewithheld or conditioned by the City in its sole discretion. ProPfd also r es to requir each its subcontractors not to use any such information oeu.cnt, repoAor martal or any other purpose whatsoever without the write onsent of the in its so1eWretion. x, which may be withheld or conditioned by the City 7. AUDITAD INSPECTION RIGHTS: A. The C` at reasonable times, and for a period of up to three (3) years following the date of final payment by the City to Provider under this Agreement and any renewal(s) hereof, audit, or cause to be audited, those books and records of Provider and of any and all of its subcontractors which are related to Provider's performance under this Agreement and any renewal(s) hereof. Provider agrees to maintain, and agrees to require DRAFT 467941 its subcontractors to maintain, all such books and records at its principal place of business for a period of three (3) years after final payment is made under this Agreement and any renewal(s) hereof. B. The City may, at reasonable times during the term hereof and any renewal(s) hereof, inspect Provider's records and the records of any of Provider's subcontractors related to this Agreement and perfo tests, as the City deems reasonably necessary, to determine whether the go . orFservices required to be provided by Provider under this Agreement conform tie terms her and/or the terms of the Solicitation Documents, if applicable. Pro iaf shall make available; and shall require its subcontractors to make available, to the Ci sortable facilitie assistance to facilitate the perforr ante .Dents or inspe foils by City representatives. All ,s tests and inspections Fshall be subjed: provisions of Ch amended or supplant, 8. e in ad O dance with, the applicable Code ofeity ofivlami, Florida, as same may be .and warrants to the City that it has not employed or retained ar t s ia11 not employ, or reta iYany person or company employed by the City to solicit or secure this Agreement and any renewal(s) hereof, and that it has not offered to pay, paid, or agreed nd shall not offer to pay, pay, or agree topay any person any fee, commission, percentage, brokerage fee, or gift of any kind contingent upon or in connection with, the award of this Agreement and any renewal(s) hereof. B. Provider shall require any and all of its subcontractors to represent and warrant to the City that each has not employed or retained and shall not employ or retain DRAFT 467941 any person or company employed by the City to solicit or secure this Agreement and any renewal(s) hereof, and that each has not offered to pay, paid, or agreed to pay and shall not offer to pay, pay, or agree to pay any person any fee, commission, percentage, brokerage fee, or gift of any kind contingent upon or in connection with, the award of this Agreement and any renewal(s) hereof. 9. PUBLIC RECORDS: A. Provider understands and agrees, a.n,„ subcontractors to agree, that this Agreement an y:any renewa1Whereof constitute public contracts under Chapter 119, Florida Stat and that the public slighave access, at all trequire any and all of its ..„. reasonable times, to all documen and informa pejtIfig to City cont*dts, subject to the provisions of Chapter 119, Pip tatutes, an *glees to allow access by the City and the public to all documents subject to diselosure under applicable law. B. Mt er shall and shall require any and all of its ..,. , subcontractors adds itkaily -vto 01041y, with Section 119.0701, Florida Statutes, including 5, '—is, , - 444 without 4 a foo narain,pul3T4 records that ordinarily and necessarily would b required bf Cittoperfoim the Services ; (2) to provide the public with access to c records ohahe sameAerms and conditions as the City would at the cost .-mm provided by ChiiVer 119 FtPiida Statutes, or as otherwise provided by law; (3) to ensure Ntil, .A74.6 witt „.::1:4F that public records that lare exempt or confidential and exempt from disclosure are not disclosed except except as authorized by law; (4) to meet all requirements for retaining public records and transfer, at no cost to the City, all public records in its possession upon termination* of this Agreement and any renewal(s) hereof, and to destroy any duplicate public records that are exempt or confidential and exempt from disclosure requirements; DRAFT 467941 (5) to provide to the City all electronically stored public records in a format compatible with the City's information technology systems. C. Provider's failure or refusal, and any failure or refusal of any of Provider's subcontractors, to comply with the provisions of this section shall result in the immediate cancellation of this Agreement by the City. 10. COMPLIANCE WITH FEDERAL, STATE AND LOCAL LAWS: Provider understands and agrees, and equire any and all of its subcontractors to agree, that agreements be eeri private entities and local governments 40 are subject to certain laws and regulation&cluding laws pertaining; to public records, conflict of interest, record keeping, etc. City and Pr % ei agree to co r ily with and observe all applicable laws, cod s •ar time. 11. INDEM I+ CATId1S Prodder Sl all, and shall require any and all of its subcontractors to, innify, e end, save 'anholdharmless the City and its officials, r = . employ and g s .(colleetively referr d to a '`.Indemnitees") and each of them from and ,; ainst all losso:sts, pn lties, fines, damages, claims, expenses (including attorney' s`) or liabiht'es'(collectively referred to as "Liabilities") by reason of any injury to or deaf of any person or damage to or destruction or loss of any property arising out of, resul =from, or in connection with (i) the performance or non- performance of the Services contemplated by this Agreement and any renewal(s) hereof, which is or is alleged to be directly or indirectly caused, in whole or in part, by any act, omission, default or negligence (whether active or passive) of Provider, or by any of its subcontractors, or by any of their respective eaeh employees, agents or subcontractors may be amended from time to DRAFT 467941 (collectively referred to as "Provider"), (ii) the failure of the Provider, or the failure of any of Provider's subcontractors, to comply with any of the paragraphs herein or the failure of the Provider, or the failure of any of Provider's subcontractors, to conform to statutes, ordinances, or other regulations or requirements of any governmental authority, federal or state, in connection with the performance of this Agreement and any renewal(s) hereof. Provider expressly agrees, and shall require an a all of its subcontractors to expressly agree, to indemnify and hold harmless and against all liabilities which may be asse itees, or any of them, from y an employ0,0:40r former employee of Provider, or any of its respective subco Tractors, as provided aii` vc for which the Provider's liability or any subcontractors liabili t stich employee or fOr er employee would otherwise be limited to payl nder statesorkers' Compensation or similar laws, This indemnification provisio emnification provision in the RFP and sha urvive erminat expiration of this Agreement for the limitations period prescribed b Florida This Indemnification provision shall oblige Pder . to �£id at �1sown dense), and shall obligate Provider to ( regr 4rovider's subcontracto defend (each at its own expense), to and through a ellate, a lemental or bankru tc roceedin s or to provide for such defense, at the Pp P P�� g� City Attorney'• any and all claims of liability and all suits and actions of every name and description ed by this Section 11, which may be brought against the City whether performed by Provider, or persons employed or utilized by the Provider or by Provider's subcontractors or persons employed or utilized by Provider's subcontractors. 12. DEFAULT: If Provider fails, or if any of Provider's subcontractors fails, to comply with any term or condition of this Agreement and any renewal(s) hereof, or fails DRAFT 467941 to perform any of their respective obligations hereunder or under any renewal(s) hereof, then Provider shall be in default. Prior to termination of this Agreement or any renewal(s) hereof, for default, the City shall notify the Provider in writing of its intent to terminate the Agreement or any renewal(s) hereof, for default, identify the alleged deficiencies in performance giving rise to the intent to terminate, and shall give the Provider thirty (30) days to cure such deficiencies. Itj the occurrence of a default hereunder or under any renewal(s) hereof, the Cit do itton to all remedies available to it by law, may following thirty (30) dayom the dates f.the written notice to Provider, terminate this Agreement and aiy renewal(s) hereof, whereupon all payments, advances, or other compensation, aid by the default shall be immediately retue termination of this Agreement ands ovider while Prvider was in e City. Prodder understands and agrees that hereof itder this section shall not release Provider rQ any b ation ac ing p for to`<the ffective date of termination. Should Provider be'it: illing to commence to perform the Services within the time erem, addition. to the foregoing, Provider shall be liab tt the City for expenses curred by the City in preparation and negotiation of this Agrees ent and any re newal(s) hereof, as well as all costs and expenses incurred by the City in the e p�rocure1 t of the Services, including consequential and incidental damages. 13. RESOLUTION OF CONTRACT DISPUTES: Provider understands and agrees, and shall require any and all of its subcontractors to agree, that all disputes between Provider and the City based upon an alleged violation of the terms of this Agreement and any renewal(s) hereof, by the City shall be submitted to the City Manager DRAFT 467941 for his/her resolution, prior to Provider being entitled to seek judicial relief in connection therewith. In the event that the amount of compensation under this section exceeds $25.,000, the City Manager's decision shall be approved or disapproved by the City Commission. Provider shall not be entitled to seek judicial relief unless: (i) it has first received City Manager's written decision, approved by the City Commission if the amount of compensation hereunder exceeds $25,000, ` p 'K{� �� `a period of sixty (60) days has expired, after submitting to the City Manage:ed statement of the dispute, accompanied by all supporting documentat,X.o90 days if ( „Manager's decision is subject to City Commission approval), City has waived liance with the procedure set forth in this section bey written inss`tr t nt signed by the Czanager. 14. CITY'S TERMINATIO T T IITS: A. The Ciyshall have he right , t terminate ;this Agreement and any renewal(s) hereq, Pits sol 'scretion, written notice to Provider at least five (5) bugiti45., day for to the` effective date of such termination. In such event the sty sl paySS�tP�rovider`nnsation for Services rendered and expenses inctTh t,in accordant th th` proval requirements of Exhibit C hereto prior to the effective) .hbof terminate. In no\event shall the City be liable to Provider for any additional compesation, coi "or expenses, other than that provided herein, nor for any consequential or ilia Val damages, In no event shall the City be liable to any of Provider's subcontractors for any compensation, costs, or expenses, nor for any consequential or incidental damages. Provider shall notify all of its subcontractors that Provider is solely responsible for any and all payments, compensation, costs, expenses, and damages of its subcontractors. DRAFT 467941 13. The City shall have the right to terminate this Agreement and any renewal(s) hereof, without notice to Provider, upon the occurrence of an event of default hereunder which, in the opinion of the City. Commission or City Manager, is of sufficient gravity that it is necessary to protect the interests of public health, safety or general welfare. In such event, the City shall not be obligated to pay any amounts to Provider and Provider shall reimburse to the City all amounts 3receved while Provider was in default under this Agreement or under any renew I :hereof. Provider shall notify all of its subcontractors that in such event of ter i inat on by the C tyI the City shall not be :�r obligated to pay any amounts to Provider s ibcontractors, and Prodder shall reimburse to the City all amounts received, while Providers was in under any renewal(s) hereof,. 15. INSURANCE Provide shall ai ail times during the term hereof and any yz renewal(s) here ndshall require any�andajl of its subcontractors providing Services, dull under this reement or maintain such intrancetcoverages asmay be required by the City. All such insura :ect to the approval of the City for adequacy of protection and eviden e such ryerage shall be furnished to the City on Certificates of Insurance`'in.icating such isfirrance too be in force and effect and providing that it will not be canceled during, the peffomance of the Services under this Agreement and any renewal(s) hereof, v o'thirty. (30) calendar days prior written notice to the City, Completed Certificates of Insurance shall be filed with the City prior to the performance of Services hereunder, provided, however, that Provider shall file at any time upon request and shall require each of its subcontractors, as applicable, at any time upon request to file duplicate copies of the policies of such insurance with the City. DRAFT 467941 If, in the judgment of the City, prevailing conditions warrant the provision by Provider of additional liability insurance coverage or coverage which is different in kind, the. City reserves the right to require the provision by Provider of an amount of coverage different from the amounts or kind previously required and shall afford written notice of such change in requirements thirty (30) days prior to the date on which the requirements shall take effect, Should the Provider fail or refuse to sap y the requirement of changed coverage within thirty (30) days following the Cit written notice, this Agreement and any renewal(s) hereof,. shall be considered to animated on the date that the required change in policy coverage would otherwise take et, All references to the City in Section 15 shall mean the City of Miami Rid Management 1 dnithstrator. 16. NONDISCRIMINATION ;Prov_der repiescntsY;and warrants to the City that Provider does not and will not, an warrant that the. discrimination in coi renew ireits su ontractors to represent and not, engage in discriminatory practices and that there shall be no orientation, marital sta qualifiedindiyidual shall, sLolely by reason of his/her race, color, sex, religion, age, disability, sextt .! .orientatibn,Y marital status or national origin, be excluded from participation in, be dented eivices, or be subject to discrimination under any provision of this Agreement and any renewal(s) hereof,. 17. ASSIGNMENT: This Agreement and any renewal(s) hereof, shall not be assigned by Provider, in whole or in part, without the prior written consent of the City Commission, which may be withheld or conditioned, in the City's sole discretion, ction with Provider's performance under this Agreement and any account of .race sex, religion, age, disability, sexual origin. Provider further covenants that no otherwise DRAFT 467941 18. NOTICES: All notices or other communications required under this Agreement and any renewal(s) hereof, shall be in writing and shall be given by hand- delivery or by registered or certified U.S. Mail, return receipt requested, addressed to the other party at the address indicated herein or to such other address as a party may designate by notice given as herein provided. Notice shall be deemed given on the day on which personally delivered; or, if by mail, on the fj date of actual receipt, whichever is earlier. ay after being posted or the TO PROVIDER:TO THE CITY: Jose` 1�[ 'Iertandez, Finance, . rector ance Department Aof Miami nd Ave 33130 l%JJ Alfonso, City Manager City ofMVIiami 3500 Pan American Drive Miami, FL 33133 Victoria Mendez, City Attorney City of Miami Office of the City Attorney 444 SW 2" Ave, 9th Floor Miami, FL 33130 19. MISCELLA1�fiE T PROVISIONS: A. This Agreement and any renewal(s) hereof, shall be • construed and enforced according to the laws of the State of Florida. Venue in any civil action between the parties shall be in Miami -Dade County, Florida. DRAFT 467941 In order to expedite the resolution or conclusion of any civil action between the parties, the parties voluntarily and knowingly waive their right to demand a jury trial or to file a permissive counterclaim in any action between them, B. Title and paragraph headings are for convenient reference and are not a part of this Agreement and any renewal(s) hereof,. C. No waiver or breach of any provisi ,f ° this Agreement and any renewal(s) hereof shall constitute a waiver of any secl tent breach of the same or any other provision hereof, and no waiver shall be;.effective unless �nade in writing. D. Should any provision, par graph, sentence, word or\phrase contained in this Agreement and any renewals) hereof, be determined by a co ui ok . competent jurisdiction to be invalid, illegal ise unenforle under the laws of the State of Florida or the Cityof Miami, such o._ision a ra h e tence word or phrase shall ..,_ � P,� � 1� gam, p � �?.F.:. � be deemed mod* neces z . modifiable, then sarn shall be'c eemed severable, and in either event, the remaining terms and .;bysonhs Agi eernent and any renewals) hereof, shall remain unmodified and in imitati n=of its use. orm with such laws, or if not 20. ST7CESSORS AND:ASSINS: This Agreement and any renewal(s) hereof, shall be bindingaa on the patties hereto, their heirs, executors, legal representatives, successors, or assign 21. INDEPENDENT CONTRACTOR: Provider has been procured and is being engaged to provide services to the City as an independent contractor, and not as an agent or employee of the City. Accordingly, Provider shall not attain, nor be entitled to, any rights or benefits under the Civil Service or Pension Ordinances of the City, nor any DRAFT 467941 rights generally afforded classified or unclassified employees. Provider further understands that Florida Workers' Compensation benefits available to employees of the City are not available to Provider, and agrees to provide workers' . compensation . insurance for .any employee or agent of Provider rendering services to the City under this Agreement and any renewal(s) hereof. r�sy 22. CONTINGENCY CLAUSE: Funding this Agreement and any ��f r renewal(s) hereof is contingent on the availabilit " s and continued authorization for program activities and this Agreement ani any renewal(s). hereof, is- are subject to amendment or termination due to lack o funds, reduction of fundsnd/or change in regulations, upon thirty (30) days_notice. 23. REAFIRMATION OF RLI RESENTATIOI�Sz; Provider hereby reaffirms all of the representations contained in thelolicitait 24. ENTIRE AGIEEMENT: This,= instrument and Its attachments constitute the sole and only ag set fo agree n epts, promises012egotiation eenjt. of the s� duties; arna arties relati to the subject matter hereof and correctly obligations,, of eapl to the other as of its date. Any prior or representations not expressly set forth in this Agreeme i z i . any renewal() hereo , 1re of no force or effect. 25. COUNTERPARTS ?his Agreement and any renewal(s) hereof, may be executed in five (5) xip e counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute one and the same agreement. 26. AMENDMENT: The City Manager shall have the sole authority to amend this Agreement and any renewal(s) hereof, under the conditions set forth in the Resolution. on behalf of Provider is the representative with sole authority to amend this DRAFT 467941 Agreement and any renewal(s) hereof under the conditions set forth in 27. SPECIAL INSURANCE AND INDEMNIFICATION RIDER: Please see attached Insurance Exhibit D attached hereto and made part of this Agreement and any renewal(s) hereof. Remainder of this page intenti ally left blank. DRAFT 467941 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their respective officials thereunto duly authorized, this the day and year above written. ATTEST: Todcl Hannon, City Clerk "City" CITY OF corpora By: Dan e1 A.1forlso) City Manager A1VII, a municipal APPROVED AS TO FORM AND . APPROVED AS TO INSURANCE CORRECTNESS: Victoria Mendez City Attorney To Come upon Do ii e `C execution: Composite Exhij Sotation Do al Composite Exhibit Provic r's corpora Exhibit C — Schedu eufRate and Fees Exhibit D ; nsurance QUIREMENTS: ?,rovider' arpe, Interim Director ement 3Jbposl',i City Resolution egtSlutions. DRAFT 467941 EXHIBIT D INSURANCE REQUIREMENTS -PROFESSIONAL SERVICES EXTERNAL AUDITING SERVICES.MCGLADREY, LLP I. Commercial General Liability A. Limits of Liability Bodily Injury and Property Damage Liabili, Each Occurrence General Aggregate Limit Personal and Adv. Injury f Products/Completed Operations B. Endorsements Required 1,000000,. $ 2,000,0 - $ 1,000,000 $ 1,000,000 City of Miam iss dU s n additionalIrisured Primary Insuran,Cause Contingent and O tractual L lability es Operations Liabi' II. Business AU A. B. Any IncludM Any One- ility nd Pro07amage Liability e Limit ired, Borrowed or Non -Owned Autos `accident $ 1,000,000 Endors n entsgR a aired City of Miami listed as an additional insured DRAFT 46.7941 III. Worker's Compensation Limits of Liability Statutory -State of Florida Employer's Liability C. Limits of Liability $500,000 for bodily injury caused by an accident, each 4.cciderit $500,000 for bodily injury caused by disease, each eroyee $500,000 for bodily injury caused by disease, poli IV. Umbrella Liability (Excess Fof • A. Limits of Liability Each Occurrence Policy Aggregate City of V mini listed ag: V. Professiop Combined Single Li Each Cp. . Genpxa� Re, i?e ;� lability; greg_a�t I zimi ate Induct' Tors and ®u Mori Covera, $1,000,000 $1,000,000 $5,000,000 $5,000,000 The above po' ieies shall pre the City of Miami with written notice of cancellation or material change- n the in user not less than (30) days prior to any such cancellation or material change, or cc0 i rice to policy provisions. 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 for certificates of insurance are subject to review and verification by Risk Management prior to insurance approval. DRAFT 467941