Orange County NC Website
Browse       Search
i2 <br />contractor or against the surety of any bond securing the performance of such <br />Construction Contract. <br />3.4. Contractors' General Public Liability and Property Damage <br />Insurance. The County will provide for each contractor entering into a <br />Construction Contract to procure and maintain standard form (a) comprehensive <br />general public liability and property damage insurance, at such contractor's own <br />cost and expense, during the duration of such contractor's Construction Contract, in <br />the amount of at least $1,000,000, and (b) comprehensive automobile liability <br />insurance on owned, hired and nonowned vehicles for not less than $1,000,000. <br />Such policies will include SunTrust as an additional named insured or loss payee. <br />'The County will provide to SunTrust a certificate of insurance in a form acceptable <br />to SunTrust, with respect to each. contractor and subcontractor. Such insurance will <br />provide protection from all claims for bodily injury, including death, property <br />damage and contractual liability, products/completed operations, broad form <br />property damage and XCU (explosive, collapse and underground damage), where <br />applicable. <br />3.5. Contractors' Builder's Risk Completed Value Insurance. The <br />County will provide for each contractor entering into a Construction Contract to <br />purchase and maintain property insurance (builder's risk) upon all materials and <br />equipment for the construction, acquisition, installation and equipping of the <br />Pledged Facilities (excluding contractor's tools and equipment) at the Pledged Sites <br />at the full insurable value thereof. This insurance will include SunTrust as an <br />additional named insured or loss payee, and will insure against "all risk" subject to <br />standard policy conditions and exclusions. The contractor will purchase and <br />maintain similar property insurance for portions of the work stored off the Pledged <br />Sites or in transit when such portions of the work are to be included in an <br />application for payment. The contractor will be responsible for the payment of any <br />deductible amounts associated with this insurance. <br />3.6. Contractors' Workers' Compensation Insurance. The County <br />will provide for each contractor entering into a Construction Contract to procure <br />and maintain workers' compensation insurance during the term of such <br />Construction Contract, covering the contractor's employees working thereunder. A <br />certificate of insurance evidencing such coverage, in form acceptable to SunTrust, <br />will be provided to SunTrust with respect to each contractor entering into a <br />Construction Contract. Each Construction Contract must .also provide that each <br />subcontractor of any contractor who is a party to such Construction Contract shall <br />be required to furnish similar workers' compensation insurance. <br />97662v1 12 <br />