Asbestos clean-up specifications for 125 [name]

NYC 9/11 Public Portal Document

A

SUPPLY and SERVICE CONTRACT Page 1 of 7 GENERAL CONDITIONS INSURANCE

1. Agreement to Insure

I. A. The Contractor is required to obtain and to maintain bonds and insurance outlined in Schedule A.

I. B. The bonds and insurance required for this contract must be on forms acceptable to the Department and offered by insurers and sureties acceptable to the Department: The insurance and bonds for all New York Contractors must be issued by New York authorized carriers, or as approved by this Department's GENERAL COUNSEL (see ¶V for address), and in any event must comply with all requirements of New York Law & Regulation, and meet the standards of form set forth herein. Bonds must be in the exact form as provided in the bid artd contract documents. Insurance and bonds for non-New York contractors must be through insurers and sureties admitted and authorized in the state of the headquarters of the contractor, have an A.M. best rating of A or better, and meet the standards of form set forth herein. Bonds must be in the exact form as provided in the bid and contract documents. Additionally, all requirements as to form set forth in New York Law and Regulation apply without regard to jurisdiction as to standards of coverage.

I. C. Where circumstances warrant, the Department may, at its discretion subject to acceptance by the Law Department and/or the Office of the Comptroller, accept letters of credit or custodial accounts in lieu of specific insurance requirements. The letter of credit must be on a form prescribed by the Department and payable at a New York City office of a bank approved by the Department.

I. D. The Contractor agrees that all insurance contributing to satisfaction of Schedule A insurance requirements shall not be modified, terminated or canceled by the Contractor without the prior written approval of the Department.

I. E. The Contractor shall be solely responsible for payment of all premiums for insurance contributing to satisfaction of Schedule A requirements, and shall be solely responsible for the Davment of all deductibles to which such Dolicies are subject, whether or not the City of New York is an insured under the policy.

DEP SUPPLY & SERVICE INSURANCE PROVISIONS: March 13, 2000

NYC-WTC 000108838