05-22-19 LPRDA/TIRZ - Laserfiche WebLink

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Coverage Comprehensive General Liability: Including Broad Form Coverage, Contractual Liability, Bodily and Personal Injury, and Completed Operations (for a period of one year after completion of work) Limit of Liability Bodily Injury and Property Damage, Combined Limits of $500,000 each Occurrence and $1,000,000 Aggregate Automobile Liability Insurance (for $500,000 Combined Single Limit per Occurrence automobiles used in performing under this Agreement, including Employer's Non Ownership and Hired Auto Coverage) Professional Liability Coverage (for $500,000 per occurrence $1,000,000 aggregate professional service contract only) Defense costs are excluded from the face amount of the policy. Aggregate Limits are per 12 month policy period unless otherwise indicated. If the amount of any contract awarded by Developer to construct the Public Improvements shall exceed $1,000,000, Developer shall contract with the contractor to maintain Commercial General Liability coverage and the Auto Liability coverage for at least twice the combined minimum limits specified above. The amounts of the insurance required herein shall be reviewed on the fifth (5t) anniversary date of this Agreement and each fifth (5th) year thereafter until the construction of the Project is completed and shall be increased, if necessary, so that the amount of such coverage is at all times generally equal to the limits described herein measured in year 2019 dollars. (A) Form" of Policies. The Authority Board may approve the form of the insurance policies, but nothing the Authority Board does or fails to do relieves Developer of its obligation to provide the required coverage under this Agreement. The Authority Board's actions or inactions do not waive the Zone's or Authority's rights under this Agreement. (B) Issuers of Policies. The issuer of each policy shall have a certificate of authorityto transact ............. sact insurance business in Texas or a Best's rating of at least A and a Best's Financial Size Category of Class VI or better, according to the most current edition Best's Key Rating Guide, Property Casualty United States. (C) Insured Parties. Each policy, except those for Workers' Compensation, Employer's Liability,......... and Professional Liability, must name the Authority, its officers, agents and employees as additional insured parties on the original policy and all renewals or replacements. 12 HW US:74002297.3