Common use of Crime Insurance Clause in Contracts

Crime Insurance. Contractor is required to maintain during the term of the Contract and as otherwise required herein, Crime Insurance. Said insurance shall be maintained in the following limits: Minimum Insurance Coverage Crime Insurance $10,000,000 Crime Insurance on a “loss sustained form” or “loss discovered form” providing coverage for Third Party Fidelity. In addition to the coverage above: o The policy must allow for reporting of circumstances or incidents that might give rise to future claims. o The policy must include an extended reporting period of no less than one (1) year with respect to events which occurred but were not reported during the term of the policy. o Any warranties required by the Contractor’s insurer as a result of this Contract must be disclosed and complied with. Said insurance shall extend coverage to include the principals (all directors, officers, agents and employees) of the Contractor as a result of the Contract. o The policy shall include coverage for third party fidelity, including cyber theft if not provided as part of Cyber Liability, and name the People of the State of New York, the New York State Office of General Services, any entity authorized by law or regulation to use this Contract as an Authorized User and their officers, agents, and employees as “Loss Payees” for all Third Party coverage secured. An Endorsement naming as Loss Payees “The People of the State of New York, the New York State Office of General Services, any entity authorized by law or regulation to use this Contract as an Authorized User and their officers, agents and employees” shall be provided upon request. A blanket Loss Payee Endorsement evidencing such coverage is also acceptable. This requirement applies to both primary and excess liability policies, as applicable. o The policy shall not contain a condition requiring an arrest and conviction.