Common use of Insurance Bonds Clause in Contracts

Insurance Bonds. 12.1 The Contractor shall purchase from and maintain, in a company or companies lawfully authorized to do business in the jurisdiction in which the Project is located, insurance for protection from claims under Workers' Compensation Acts and other Employee Benefit Acts which are applicable, claims for damages because of bodily injury, including death, and from claims for damages, other than to the Work itself, to property which may arise out of, or result from, the Contractor's operations under this Agreement, whether such operations be by the Contractor or by a Subcontractor or anyone directly or indirectly employed by any of them. This insurance shall be written for no less than limits of liability specified by the City in the Contract Documents or required by law, whichever coverage is greater, and shall include contractual liability insurance applicable to the Contractor's obligations under this Agreement. Certificates of such insurance shall be filed with the City prior to the commencement of the Work. Only insurance carriers licensed to do business in the State of Texas with an A.M. Best Rating of “A” will be accepted.