Laserfiche WebLink
<br />e <br /> <br />e <br /> <br />completion of work) <br /> <br />Automobile Liability Insurance (for <br />automobiles used in performing under <br />this Agreement, including Employer's <br />Non Ownership and Hired Auto <br />Coverage) <br /> <br />Professional Liability Coverage (for <br />professional service contract only) <br /> <br />Defense costs are excluded from the face amount of the policy. Aggregate Limits are per <br />12 month policy period unless otherwise indicated. <br /> <br />$500,000 Combined Single Limit per Occurrence <br /> <br />$500,000 per occurrence $1,000,000 aggregate <br /> <br />If the amount of any contract awarded by Developer to construct the Public Improvements shall <br />exceed $1,000,000, Developer shall contract with the contractor to maintain Commercial General <br />Liability coverage and the Auto Liability coverage for at least twice the combined minimum <br />limits specified above. <br /> <br />The amounts of the insurance required herein shall be reviewed on the fifth (51h) anniversary date <br />of this Agreement and each fifth (5th) year thereafter until the construction of the Project is <br />completed and shall be increased, if necessary, so that the amount of such coverage is at all times <br />generally equal to the limits described herein measured in year 2004 dollars. <br /> <br />(A) Form of Policies. The La Porte Board may approve the form of the <br />insurance policies, but nothing the La Porte Board does or fails to do relieves Developer <br />of its obligation to provide the required coverage under this Agreement. The La Porte <br />Board's actions or inactions do not waive the La Porte Zone's or La Porte Authority's <br />rights under this Agreement. <br /> <br />(B) Issuers of Policies. The issuer of each policy shall have a certificate of <br />authority to transact insurance business in Texas or a Best's rating of at least A and a <br />Best's Financial Size Category of Class VI or better, according to the most current <br />edition Best's Key Rating Guide, Property Casualty United States. <br /> <br />(C) Insured Parties. Each policy, except those for Workers' Compensation, <br />Employer's Liability, and Professional Liability, must name the La Porte Authority, its <br />officers, agents and employees as additional insured parties on the original policy and all <br />renewals or replacements. <br /> <br />(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 La Porte Authority or La Porte Zone, its <br />officers, agents, or employees. <br /> <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 La Porte <br /> <br />13 <br /> <br />HOU:2322718.2 <br />