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05-22-19 LPRDA/TIRZ
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05-22-19 LPRDA/TIRZ
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City Meetings
Meeting Body
La Porte Redevelopment Authority/TIRZ
Meeting Doc Type
Agenda Packet
Date
5/22/2019
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(D) Deductibles. Developer shall be responsible for and bear (or shall contract <br />with each applicable contractor to bear and assume) any claims or losses to the extent of <br />any deductible amounts and waives (and shall contract with each contractor to waive) any <br />claim it may have for the same against the Authority or Zone, its officers, agents, or <br />employees. <br />(E) Cancellation. Each policy must state that it may not be canceled, <br />materially modified, or non -renewed unless the insurance company gives the Authority <br />30 days' advance written notice. Developer shall (and shall contract with each contractor <br />to) give written notice to the Authority within five days of the date on which total claims <br />by any parry against such person reduce the aggregate amount of coverage below the <br />amounts required by this Agreement. In the alternative, the policy may contain an <br />endorsement establishing a policy aggregate for the particular Public Improvements or <br />location subject to this Agreement. <br />(F) 54brqgaton. Each policy must contain an endorsement to the effect that <br />the issuer waives any claim or right of subrogation to recover against the Authority, the <br />Zone, its officers, agents, or employees. <br />(G) Primary Insuranceā Endorsement. Each policy, except Workers' <br />Compensation and Professional Liability (if any), must contain an endorsement that the <br />policy is primary to any other insurance available to the additional insured with respect to <br />claims arising under this Agreement. <br />(H) Liability for Premium. Developer shall pay (or shall contract with <br />contractors to pay) all insurance premiums for coverage required by this Section, and the <br />Authority or Zone shall not be obligated to pay any premiums. <br />(I) Subcontractors. Notwithstanding the other provisions of this Section, the <br />amount of coverage contracted to be provided by subcontractors shall be commensurate <br />with the amount of the subcontract, but in no case less than $500,000 per occurrence. <br />Developer shall provide (or shall contract with contractors to provide) copies of insurance <br />certificates to the Authority. <br />(J) Proof of Insurance,. Promptly after the execution of this Agreement and <br />from time to time during the term of this Agreement at the request of the Authority, <br />Developer shall furnish the Authority with certificates of insurance maintained by <br />Developer in accordance with this Section. If requested in writing by the Authority, <br />Developer shall furnish the City with certified copies of Developer's actual insurance <br />policies. If Developer does not comply with the requirements of this Section, the <br />Authority, at its sole discretion, may (1) suspend performance by the Authority hereunder <br />and begin procedures to terminate this Agreement for default or (2) purchase the required <br />insurance with Authority or Zone funds and deduct the cost of the premiums from <br />amounts due to Developer under this Agreement. The Authority shall never waive or be <br />estopped to assert its right to terminate this Agreement because of its acts or omissions <br />regarding its review of insurance documents. <br />13 <br />HW US:74002297.3 <br />
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