3B Public Hearing 2008 0915 - Laserfiche WebLink

Home

10.3 Professional Liability Insurance. 10.3.1 General Requirements. Siemens, at its own cost and expense, shall maintain for the period covered by this Agreement professional liability insurance for licensed professionals performing work pursuant to this Agreement in an amount not less than TWO MILLION DOLLARS ($2,000,000) covering the licensed professionals' errors and omissions. Any deductible or self-insured retention shall not exceed $250,000 per claim. 10.3.2 Claims-Made Limitations. The following provisions shall apply if the professional liability coverage is written on a claims-made form: (a) The retroactive date of the policy must be shown and must be before the date of the Agreement; (b) Insurance must be maintained and evidence of insurance must be provided for at least five years after completion of the Agreement or the Work, so long as commercially available at reasonable rates; (c) If coverage is canceled or not renewed and it is not replaced with another claims-made policy form with a retroactive date that precedes the date of this Agreement, Siemens must provide extended reporting coverage for a minimum of five years after completion of the Agreement or the Work. The City shall have the right to exercise, at Siemens's sole cost and expense, any extended reporting provisions of the policy, if Siemens cancels or does not renew the coverage; (d) A copy of the claim reporting requirements must be submitted to the Gity prior to the commencement of any work under this Agreement. 10.4 Builders Risk Insurance. Siemens will cause to be taken out and maintain in the name of the City and Siemens until final completion and Acceptance of the Work: All Risk Builder's Risk Insurance, including but not limited to coverage against loss or damage to the Work by fire and lightening, extended coverage, vandalism, malicious mischief, flood, earthquake, and collapse; said extended coverage shall cover loss or damage by explosion, windstorm, riot, aircraft, vehicle damage, smoke, and other such hazards as are normally covered by such coverage. Such insurance (except the earthquake and flood coverage in the event that they are not fully or reasonably available) shall be in an amount equal to the replacement cost (without deduction for depreciation and subject to stipulated value in lieu of average clause) of all structures constituting any part of the Work, excluding the cost of excavations, of grading, and of filling of the land, and except that such insurance (except earthquake and flood insurance) maybe subject to deductible clauses not to exceed $100,000 for any one loss. Earthquake and flood insurance maybe subject to deductible clauses not to exceed five percent (5%) of such replacement cost for any one loss. Such insurance will not cover loss or damage to Siemens' equipment, scaffolding, or other materials not to be consumed in the construction of the Work. Siemens shall obtain from the insurer a waiver of subrogation endorsement for losses caused by fire or other perils to the extent covered by this insurance. Siemens shall pay any extra premium required therefore. WPCP Cogeneration 090808 -Page 1 S of 60