Agenda - 06-26-2007-4dd - Laserfiche WebLink

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Policies for professional liability must be provided by the Contractor or its independent design professional if the Contractor is required to provide any professional design services under the Contract Documents. Alternatively, compliance with paragraph 5.1.3 (k) is acceptable. The limits of coverage required for professional liability shall be included in the Contract Documents, and will be subject to approval by the CM, taking into account among any other reasonable factors the risks insured against, the cost of the insurance, and the professionals providing the insurance. 5.1.6 Claims The Contractor shall notify the CM within twenty-four (24) hours of any claims or alleged claims received by the Contractor covered by any of the policies of insurance required of Contractor in this Agreement. The Contractor shall provide a written copy of the claim or alleged claim to the CM within three (3} days of the Contractor's receipt of the claim or alleged claim. If a claim is settled to the satisfaction of the claimant, the Contractor shall submit a copy of the claimant's release to the CM. If a claim or alleged claim is rejected by the Contractor and/or its insurance company, the Contractor shall immediately report this fact to the CM. Should thirty (30} days elapse after the claim or alleged claim has been received by the Contractor, and the Contractor is not able to report a settlement or rejection of the claim, it shall report to the CM the steps being taken with respect to the claim. Without limiting the foregoing, the Contractor shall notify the CM in writing of any paid or incurred claims which may impair annual aggregate or general liability. 5.1.7 Deductibles and Self-insured Retentions Any deductibles orself-insured retentions must be declared to and approved by the CM. At the option of the CM, either: the insurer shall reduce to a maximum of $250,000 or eliminate such deductibles or self-insured retentions with respect to the CM, or the Contractor shall provide evidence of collateral provided to insurers or procure a bond guaranteeing payment of losses and related investigations, claim administration, and defense expenses within the deductible or self-insured retention amount. Any self-insured retention or deductible amount on the policy shall not reduce the amount of collectible limits or liability. 5.1.8 Subcontractors The Contractor shall include all Subcontractors as Insureds under its policies, or shall furnish separate certificates, policies, and endorsements for each Subcontractor the Contractor intends to use. If a Subcontractor does not take out insurance in its own name and the Contractor wishes to provide insurance protection for such Subcontractor and such Subcontractor's employees, the Contractor shall either (a) procure appropriate policies in the name of the Subcontractor, or (b) cause a rider or riders to be attached to the Contractor's policies which shall identify the Subcontractor thereby covered; provided, however, in the case of the latter option, such a rider need not be attached to the Contractor's workers' compensation policy if such policy by its terms is sufficiently broad to cover the employees of all Subcontractors performing Work under the Contract Documents. Except as otherwise approved by the CM in writing, Limits of Liability and coverage scope must be at a minimum as stringent as required of the Contractor by the Contract Documents. All Work performed for the Contractor by any Subcontractor shall be pursuant to an appropriate agreement between the Contractor and the Subcontractor which shall GENERAL CONDITIONS FOR CM AT RISK PROJECT 13 of 43 JUNE 2007 EDITION