Required Insurance, Coverage and Minimum Amounts. Each insurance policy shall be placed with an insurance company licensed to write insurance in the State where the Services are to be performed and shall have an A.M. Best's Rating of not less than "B+" and a policyholder surplus of at least $25,000,000. All insurance where Owner is an additional insured must contain provisions which state that the policy will respond to claims or suits by Owner against the Contractor/Consultant/ Labor Contractor/etc. All insurance policies, with the exception of professional liability, must be written on an “occurrence” basis. Professional Liability Insurance shall be written on a “claims made” basis. Contractor shall provide 30 days’ prior written notice of cancellation to certificate holder (10 days’ prior written notice for failure to pay premium). Such notice of cancellation must be provided to Owner via the addresses herein for Owner’s Procurement Department and Owner’s Program Manager. All of the insurance required herein will be primary to any or all other insurance coverage in effect for Owner. None of the requirements contained herein as to types, limits and approval of insurance coverage to be maintained by Contractor or Subcontractors are intended to, nor shall they in any manner limit or qualify the liabilities and obligations assumed by Contractor or Subcontractor under this Agreement. Scope/Limits of Insurance: To the fullest extent permitted by law, the coverage provided to the additional insureds must be at least as broad as that provided to the first named insured on each policy. In the event that any policy provided in compliance with this Agreement states that the coverage provided to an additional insured shall be no broader than that required by contract, or words of similar meaning, the Parties agree that nothing in this Agreement or elsewhere in the Agreement Documents is intended to restrict or limit the breadth of such coverage. Each General and/or Umbrella Liability Insurance policy shall be endorsed with the following Cross Liability clause: In the event of claims being made by reason of personal and/or bodily injuries suffered by any employee or employees of one insured hereunder for which another insured hereunder is or may be liable, then this policy shall cover such insured against whom a claim is made or may be made in the same manner as if separate policies had been issued to each insured hereunder, except with respect to limits of insurance. In the event of claims being made by reason of ...
