Common use of Railroad Protective Liability Insurance Clause in Contracts

Railroad Protective Liability Insurance. Where construction is to be conducted within 50 feet of the railroad, the Covered Party shall be responsible to purchase Railroad Protective Liability coverage. All deductibles and self-insured retentions are the sole responsibility of the Covered Party. All deductibles and self-insured retentions must be shown on the Certificate of Insurance. In addition, all self-insured retentions shall not exceed $50,000 without the prior written approval of the Commission; provided, however, a Consultant’s self-insured retention amount on its Professional Liability Insurance policy may exceed $50,000 to the extent that a higher self-insured retention amount is expressly set forth in paragraph 6 of these insurance requirements. The Financial Rating of all Insurance Companies must meet the minimum A.M. Best Ratings of A-(Excellent); VII or better. The Covered Party must notify the Commission of any change in the financial rating of its insurance carriers.

Railroad Protective Liability Insurance. Where construction is to be conducted within 50 feet of the railroad, the Covered Party shall be responsible to purchase Railroad Protective Liability coverage. All deductibles and self-insured retentions are the sole responsibility of the Covered Party. All deductibles and self-insured retentions must be shown on the Certificate of Insurance. In addition, all self-insured retentions shall not exceed $50,000 without the prior written approval of the Commission; provided, however, a Consultant’s self-insured retention amount on its Professional Liability Insurance policy may exceed $50,000 to the extent that a higher self-insured retention amount is expressly set forth in paragraph 6 of these insurance requirements. The Financial Rating of all Insurance Companies must meet the minimum A.M. Best Ratings of A-(ExcellentA- (Excellent); VII or better. The Covered Party must notify the Commission of any change in the financial rating of its insurance carriers.