Common use of Claims Made Policies Clause in Contracts

Claims Made Policies. If General Liability, Contractors Pollution Liability and/or Asbestos Pollution Liability coverages are written on a claims-made form: i. The retroactive date must be shown and must be before the date of the contract or the beginning of contract work. ii. Insurance must be maintained, and evidence of insurance must be provided for at least five (5) years after completion of the contract of work. iii. If coverage is canceled or non-renewed, and not replaced with another claims- made policy form with a retroactive date prior to the contract effective date, the Contractor must purchase an extended period coverage for a minimum of five (5) years after completion of contract work. iv. Contractor must provide a copy of its insurance policies to Owner within seventy- two (72) hours of any request. v. A copy of the claims reporting requirements must be submitted to the Owner for review.