Insurance & Bonding definition

Insurance & Bonding. The Sub recipient shall carry sufficient insurance coverage to protect contract assets from loss due to theft, fraud and/or undue physical damage. The Sub recipient shall comply with the bonding and insurance requirements for non-profits and educational institutions and governmental entities as specified in 2 CFR 200. Additional loss payee coverage shall only cover materials and equipment purchased with City-Parish funds under this grant agreement The Sub recipient shall carry and maintain all insurance required by law or statute, and such other insurance deemed necessary or appropriate for their operations under this contract. It is specifically understood and agreed that the Sub recipient, at its sole cost and expense, shall carry and maintain at all times during the performance of this contract, the following types of insurance: Workers' Compensation and Employers’ Liability insurance covering all employees engaged in services hereunder in compliance with the laws of the State of Louisiana. If Contractor is either the bona fide president, vice president, secretary, or treasurer of a corporation who owns not less than ten percent of the stock therein, or a partner with respect to a partnership in which he is employed, or a sole proprietor with respect to such sole proprietorship he may elect not to be covered by Workers’ Compensation as in accordance with Title 23, Section 1035 of the Louisiana State Workers’ Compensation statute as may concern any claims or injuries relating to the City of Baton Rouge and/or the Parish of East Baton Rouge. In such case a Waiver of Workers’ Compensation must be signed and attached to this contract. Commercial General Liability coverage shall be provided with limits of not less than $1,000,000 for any one Occurrence and if a General Aggregate limit is used, it shall not be less than twice the Occurrence limit. Coverages are to include Premises-Operations, Personal Injury, Products/Completed Operations and Contractual Liability. Automobile Liability coverage shall be provided with limits of not less than $1,000,000 for any one occurrence. Coverages are to include all Owned, Hired and Non-Owned Automobiles. The City-Parish shall be named as Additional Insured on all Liability policies. Such insurance coverage shall be written by good and solvent companies authorized by law to carry on business in the State of Louisiana, but in no event, shall such insurance companies having a rating of less than “A-”, class IV, in the curre...

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Insurance & Bonding. [For ▇▇▇▇▇▇▇’s subject to 2 CFR part 200, subpart D, insert: “The Subrecipient shall comply with the bonding and insurance requirements of 24 CFR §200.325 and §200.310”. State’s may wish to insert requirements that the Subrecipient carry sufficient insurance coverage to protect CDBG-acquired assets from loss due to theft, fraud and/or undue physical damage, and acquire a blanket fidelity bond covering all employees in an amount equal to CDBG-DR funds provid

Examples of Insurance & Bonding in a sentence

• The rights and obligations of this Section 9.3 (Insurance & Bonding) shall survive the expiration or termination of this Agreement.

• Indemnification obligations between the parties shall be as set forth in Section 1.0, Indemnity, of Attachment E, Indemnity, Insurance & Bonding.

• Insurance & Bonding The Sub recipient shall carry sufficient insurance coverage to protect contract assets from loss due to theft, fraud and/or undue physical damage, and as a minimum shall purchase a blanket fidelity bond covering all employees in an amount equal to cash advances from the Grantee.

• Design-Builder shall provide a performance bond and labor and material payment bond or other performance security in accordance with Section 8.0, Bonds, of Attachment E, Indemnity, Insurance & Bonding.

• If so required, Design-Builder shall provide a performance bond and labor and material payment bond or other performance security in accordance with Section 8.0, Bonds, of Attachment E, Indemnity, and Insurance & Bonding.

• Indemnification obligations between the parties shall be as set forth in Article 4.0, above, and in Section 1.0, Indemnity, of Attachment E, Indemnity, and Insurance & Bonding.