CC WS PACKET 03082022 - Laserfiche WebLink

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Page 30 Anthony as evidence of insurance coverage requirements prior to commencing work under the contract. 20.2.Environmental Contractor shall provide Environmental Impairment Liability (Pollution Legal Liability) for sudden and non-sudden (gradual) pollution occurrences covering all facilities and equipment owned and used by Contractor, or its agents or employees. Limits of liability shall be no less than $2,000,000 for each occurrence and $2,000,000 aggregate and shall continue for a two-year period following termination of this Contract. 20.3.Errors and Omissions The Contractor shall have in force for any coverage provided by this Contract an Errors and Omissions Coverage with limits of not less than $1,000,000 per occurrence and $1,000,000 aggregate. 20.4.City as Additional Insured The Comprehensive/General, Auto, and Bodily Injury and Property insurance policies shall provide for the City as an additional insured party. 20.5.Notice of Cancellation or Non-Renewal All insurance policies shall provide that the City shall be given at least 30 days prior written notice of any cancellation, termination or material modification of the required coverage. In no event shall Contractor operate within the City without all insurance required by the City. The City reserves the right to cancel the Contract upon 10 days written notice, in the event Contractor is unable to secure insurance as required by the City. 20.6.Deductibles All responsibility for payment of any sums resulting from any deductible provisions, corridor, of self- insured retention conditions of the policy or policies shall remain with Contractor. 21.TERMINATION The City reserves the right to immediately terminate the contract if the Contractor does not comply with the insurance requirements and retains all rights to pursue any legal remedies against the Contractor. All insurance policies must be open to inspection by the State, and copies of policies must be submitted to the State’s authorized representative upon written request. 22.FINANCIAL GUARANTEE (ESCROW ACCOUNTS AND LETTERS OF CREDIT) This Contract shall not be in effect until Contractor has funded an escrow account or provided, at no cost to the City, an irrevocable letter of credit or other financial guarantee acceptable to the City Attorney in the sum of $250,000 for the benefit of the City. The escrow account, letter of credit, or other financial guarantee shall be held by a United States bank authorized to do business in the State of Minnesota to secure the faithful performance of this Contract by Contractor, conditioned