10/09/1995 Council Packet - Laserfiche WebLink

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ELECTRICAL INSPECTORS ERRORS ANO OMISSIONS INSURANCE POLICY THIS IS A CLAIMS -MADE POLICY. PLEASE READ IT CAREFULLY INSI A NCECOM ANY EDERATED Nwer °In�o""ra`0INSURANC'E 1 MINNESOTA 550641101 (A mutual insurance company, herein called the company) POLICY NO. 1003307 DECLARATIONS Item 1.- Named Insured and Address: Minnesota Chapter - International Association of Electrical Inspectors 1821 University Ave., Room .t1 S /a St. Paul, MN 55104 Item 2. Policy Period: From August 1, 1986 12:01 A.M. Central Standard Time, until cancelled Item 3. Limits of Insurance: $200,000. each negligent act, error or omission $400,000 aggregate each insurred 11em 4. Deductible Amount: $300 each negligent act, error or omission Item 5. Retroactive Date: August 1, 1986 , or the initial date of coverage for each insured for which coverage is first provided under this policy after this date Item 6. Annual Premium: $300 each insured Throughout this policy the words "you", "your", and "yours" mean a person or organization shown as Named Insured in the Declarations. The words "we", "us" and "our" mean the Company providing this insurance_ Theword "insured" means any person or organization qualifying as an insured under SECITON V - WHO IS AN INSURED. In return for the payment of the premium and subject to all the terms of this policy we agree with you as follows: THIS POLICY IS NON -ASSESSABLE Issued by Central -Western Division 129 East Broadway Owatonna, Minnesota 55060 SECTION I. COVERAGES A. We will pay on behalf of the insured all sums which the insured becomes obligated to pay as damages because of any claim or claims first made against the insured and reported to us during the "policy period" as a result of any negligent act, error or omission of the insured in rendering or failing to render professional services in the insured's capacityas an electrical inspector in the State of Minnesota. B. We will have the right and duty to defend any claim or suit against an insured seeking damages as a result of an alleged act, error or omission by the insured for which insurance is provided by this policy. We will also pay, subject to the Limits of Insurance, with respect to any claim or suit we defend: 1. All expenses we incur. 2. All costs taxed against the insured in the suit. 3. The costs of appeal bonds or bonds to release attach- ments, but only for bond amounts within the applicable limit of insurance. We do not have to furnish these bonds. 4. All interest on the full amount of any judgment that accrues after entry of the judgment and before we have paid, offered to pay or deposited in court the part of the judgment that is within the applicable Limit of Insurance. SECTION II. DEDUCTIBLE ‘Il coverages under Section I. are subject to the deductible mount stated in the Declarations. The insured against whom PM -135 Ed. 7-86 claim is made or suit brought is responsible for the payment of the deductible amount. We may pay all or any part of the deductible amount in settlement of a claim. If we do, the insured against whom claim was made agrees to promptly reimburse us for the deductible amount we pay. SECTION III. EXCLUSIONS This insurance does not apply to: A. Any (1) dishonest, fraudulent, criminal or malicious act, or (2) libel,. slander, defamation of character, humiliation. invasion of privacy, mental anguish or mental injury. f3. Injury to, or sickness, disease or -death of any person, or to injury to or destruction of any tangible property, including the loss of use thereof, unless a direct result of any negligent act, error or omission of an insured in rendering or failing to render professional service as an electrical inspector. C. Any claim made by an employer against an insured who is an employee of such employer. D. Any punitive or exemplary damages. E. Any claim arising from the liability of others assumed by an insured under any contract or agreement. F. Any claim arising from any acts, errors or omissions occur- ring prior to the Retroactive Date stated in the declarations or in a Memorandum of Insurance issued to the insured against whom claim is made or suit brought, whichever is later. Page 1 of 3 Printed in U.S.A.