Common use of Terms of Insurance Clause in Contracts

Terms of Insurance. (i) Insurance required by this Agreement shall be with companies qualified to do business in the State of Colorado with a general policyholder’s financial rating of not less than A+3A as set forth in the most current edition of “Best’s Insurance Reports” and may provide for deductible amounts as Contractor deems reasonable for the Construction Services. No such policies shall be cancelable or subject to reduction in coverage limits or other modification except after 30 days prior written notice to the Town. Contractor shall identify whether the type of coverage is “occurrence” or “claims made.” If the type of coverage is “claims made,” which at renewal Contractor changes to “occurrence,” Contractor shall carry a six-month tail. Contractor shall not do or permit to be done anything that shall invalidate the policies. (ii) The policies described in subparagraphs a. and b. above shall be for the mutual and joint benefit and protection of Contractor and the Town. Such policies shall provide that the Town, although named as an additional insured, shall nevertheless be entitled to recovery under said policies for any loss occasioned to it, its officers, employees, and agents by reason of negligence of Contractor, its officers, employees, agents, subcontractors, or business invitees. Such policies shall be written as primary policies not contributing to and not in excess of coverage the Town may carry.

Terms of Insurance. (i) i. Insurance required by this Agreement shall be with companies qualified to do business in the State of Colorado with a general policyholder’s financial rating of not less than A+3A as set forth in the most current edition of “Best’s Insurance Reports” and may provide for deductible amounts as Contractor deems reasonable for the Construction Services. No such policies shall be cancelable or subject to reduction in coverage limits or other modification except after 30 thirty (30) days prior written notice to the Town. Contractor shall identify whether the type of coverage is “occurrence” or “claims made.” If the type of coverage is “claims made,” which at renewal Contractor changes to “occurrence,” Contractor shall carry a six-month six (6)-month tail. Contractor shall not do or permit to be done anything that shall invalidate the policies. (ii) . The policies described in subparagraphs a. and b. above shall be for the mutual and joint benefit and protection of Contractor and the Town. Such policies shall provide that the Town, although named as an additional insured, shall nevertheless be entitled to recovery under said policies for any loss occasioned to it, its officers, employees, and agents by reason because of negligence of Contractor, its officers, employees, agents, subcontractors, or business invitees. Such policies shall be written as primary policies not contributing to and not in excess of coverage the Town may carry.

Terms of Insurance. (i) i. Insurance required by this Agreement shall be with companies qualified to do business in the State of Colorado with a general policyholder’s financial rating of not less than A+3A as set forth in the most current edition of “Best’s Insurance Reports” and may provide for deductible amounts as Contractor Consultant deems reasonable for the Construction Services. No such policies shall be cancelable or subject to reduction in coverage limits or other modification except after 30 thirty (30) days prior written notice to the Town. Contractor Consultant shall identify whether the type of coverage is “occurrence” or “claims made.” If the type of coverage is “claims made,” which at renewal Contractor Consultant changes to “occurrence,” Contractor Consultant shall carry a six-month six (6)-month tail. Contractor Consultant shall not do or permit to be done anything that shall invalidate the policies. (ii) . The policies described in subparagraphs a. and b. above shall be for the mutual and joint benefit and protection of Contractor Consultant and the Town. Such policies shall provide that the Town, although named as an additional insured, shall nevertheless be entitled to recovery under said policies for any loss occasioned to it, its officers, employees, and agents by reason because of negligence of ContractorConsultant, its officers, employees, agents, subcontractors, or business invitees. Such policies shall be written as primary policies not contributing to and not in excess of coverage the Town may carry.