Common use of INSURERS QUALIFICATIONS/REQUIREMENTS Clause in Contracts

INSURERS QUALIFICATIONS/REQUIREMENTS. 1. Insurers providing the insurance required by the Agreement for the Contractor must either be: a. Authorized by a subsisting certificate of authority issued by the State to transact insurance in the State, or b. An eligible surplus lines insurer under State Statutes. (Except with respect to coverage for the liability imposed by the Florida Workers’ Compensation Act). 2. In addition, each such insurer shall have and maintain throughout the period for which coverage is required, a Best’s Rating of “A-” or better and a Financial Size Category of “VII” or better according to A. M. Best Company. 3. If, during the period when an insurer is providing the insurance required by the Agreement, an insurer shall fail to comply with the foregoing minimum requirements, as soon as the Contractor has knowledge of any such failure; the Contractor shall immediately notify the District and immediately replace the insurance provided by the insurer with an insurer meeting these requirements. Until the Contractor has replaced the unacceptable insurer with an insurer acceptable to the District, the Contractor shall be in default of the Agreement.