Common Contracts
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NORTH ATLANTIC SHIP REPAIR LLC VENDOR INSURANCE REQUIREMENTSJanuary 6th, 2021
Vendor and its subcontractors of every tier shall, during the term of this Agreement, purchase and maintain at its own expense commercial general liability, statutorily required workers’ compensation insurance and other coverages with limits as set forth below. Prime Contractor shall be named as an additional insured on the general and auto liability policies for claims, loss or damage, whether in contract or tort, including claims involving bodily injury to or death of persons, or damage to property for which Vendor owes an indemnity under this Agreement. Vendor shall furnish certificates, and insurance shall be with carriers that may lawfully issue such insurance policies, have an AM Best rating of at least A-VII or a Standard and Poor’s rating of at least AA. Certificates of insurance must contain a stipulation that the insurer shall furnish to Prime Contractor 30 days prior written notice of any cancellation of insurance coverage and name Prime Contractor as an additional insured.
