Insurance Requirements
The Service Contractor shall provide the following minimum insurance coverage:
- Commercial General Liability
- Combined Single Limit - $1,000,000 per occurrence and $2,000,000 annual aggregate per location.
- Such insurance shall be broad form and include, but not be limited to, contractual liability, independent contractor's liability, products and completed operations liability, and personal injury liability. A combination of primary and excess policies may be utilized. Policies shall be primary and noncontributory.
- Worker's Compensation - $500,000.
- Employer's Liability
- With minimum liability limits of $1,000,000 bodily injury by accident each accident, $1,000,000 bodily injury by disease policy limit; $1,000,000 bodily injury each employee.
- Commercial Automobile Liability
- Combined Single Limit - $1,000,000 per accident.
- Such insurance shall cover injury (or death) and property damage arising out of the ownership, maintenance or use of any private passenger or commercial vehicles and of any other equipment required to be licensed for road use.
- Property Insurance
- All-risk, replacement cost property insurance to protect against loss of owned or rented equipment and tools brought onto and/or used on any Property by the Service Contractor.
Policies described in Sections I.A. and I.D. above shall include the following as additional insured, including their officers, directors and employees. A GL-2010 Endorsement shall be utilized for the policy(ies) described in Section I.A. above. Please note that the spelling of these parties must be exactly correct or the Contract Duties will not be allowed to commence.
- Parmenter Hampden Avenue, LLC
- Parmenter Realty Partners
Service Contractor waives any and all rights of subrogation against the parties identified above in Paragraph 2 above as additional insured’s.
All policies will be written by companies licensed to do business in the State of Colorado and which have a rating by Best's Key Rating Guide not less than “A-/XII”.
Service Contractor shall furnish to the Owner Certificate(s) of Insurance evidencing the above coverage. Original Certificate(s) of Insurance must be provided before Service Contractor commences Contract Duties or Contract Duties will not be allowed to commence.
Certificate(s) of Insurance relating to policies required under this Agreement shall contain the following words verbatim:
"It is agreed that this insurance will not be canceled, not renewed or the limits of coverage in any way reduced without at least thirty (30) day's advance written notice [ten (10) days for non-payment of premium] sent by certified mail, return receipt requested to: Parmenter Hampden Avenue, LLC c/o Parmenter Realty Partners, Attn: Kathleen Strizich, 7535 E. Hampden Ave, Suite 100, Denver, CO 80231"
In addition, the language set forth in this Paragraph VI shall also be added to each policy in the form of an endorsement.