EXHIBIT B CITY OF PHILADELPHIA AND PHILADELPHIA HOUSING DEVELOPMENT CORPORATION INSURANCE REQUIREMENTS

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Brooke May
8 years ago
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1 EXHIBIT B CITY OF PHILADELPHIA AND PHILADELPHIA HOUSING DEVELOPMENT CORPORATION INSURANCE REQUIREMENTS The Recipient will procure and maintain during the entire period of the contract, the types of insurance as described in all applicable subsections that follow. All coverages as described in these subsections are to be provided by an insurance company with a Best Rating of A or better authorized to do business in the Commonwealth of Pennsylvania. Liability Coverage is to be provided on an Occurrence Basis and not a Claims Made Basis. Unless the Recipient has received permission in writing prior to the execution of this contract to modify any of the requirements in the subsections no reimbursement for work shall be made until the Recipient has supplied PHDC with a Certificate of Insurance 1 which complies with all the requirements of any subsections that apply. To request permission to modify any of the insurance requirements, the Recipient must submit in writing to the Philadelphia Housing Development Corporation s Risk Manager a complete explanation as to why the Recipient would like to modify or cannot comply with the requirements in this agreement. If permission is obtained to modify any of the insurance requirements in this contract, then the Recipient must submit a Certificate of Insurance in compliance with the revised requirements. Without exception, PHDC and the City reserves the right, which is to be exercised at their discretion, to request and obtain a complete copy of the Recipient s insurance policies required in this agreement. If the insurance provided by the Recipient is not in compliance with the requirements included in this contract, PHDC shall have the right to declare this contract in default. The insurance coverages required are as follows: 1 Recipient should consult with his or her insurance broker to learn about the differences between the two forms and which type of form it currently has in force.

All coverages as described in these subsections are to be provided by an insurance company with a Best Rating of A or better authorized to do business in the Commonwealth of Pennsylvania.

2 a. Property Insurance: The Recipient is required to provide Fire and extended coverage, and must name the PHDC as loss payee as its interest may appear. The limit provided must cover the contract amount and all approved mortgages at a minimum. Borrower shall also maintain flood insurance if the Project is located in a flood zone. b. Comprehensive General Liability: The Recipient shall obtain a comprehensive general liability policy with coverage equivalent to the coverage provided under the ISO Comprehensive General Form with broad form CGL endorsement, edition date 1986 or ISO Comprehensive General Liability form, edition date 1988 or ISO Comprehensive General Liability form, edition date The Policy will name PHDC and the City as Additional Insured as well as Certificate Holder and will include coverage for bodily injury and property damage arising out of: Products and Completed Operations Premises and Operations Independent Contractors Elevators and/or Escalators (if applicable) Blanket Contractual Liability (written and oral) Broad form Property Damage Explosion, Collapse and Underground Damage The Recipient warrants that coverage as described above will be maintained subject to policy limits at least equal to but not less than the following: $1,000,000 Each Occurrence $2,000,000 Aggregate for Products/Completed Operations -- Combined single limit for bodily injury and property damage. $1,000,000 Products/Completed Operations Aggregate $1,000,000 General Aggregate (other than Products/Completed Operations) $1,000,000 Any one occurrence subject to General Aggregate 2. 2 Note: Recipient should consult with his or her insurance broker to learn about the differences between the two forms and which type of form it currently has in force. 2

Comprehensive General Liability: The Recipient shall obtain a comprehensive general liability policy with coverage equivalent to the coverage provided under the ISO Comprehensive General Form with

3 c. Workers Compensation Insurance 3 : The Recipient shall obtain a workers compensation policy which provides benefits in accordance with the statutory requirements of the Commonwealth of Pennsylvania and all other states in which the contractor performs work on behalf of PHDC and the City. This policy will also include coverage for United States Longshoremen and Harbor Workers (if any basis) and employer s liability. The policy limits for employer s liability coverage is to be at least equal to but not less than: Bodily Injury by Accident $100,000 / each accident $500,000 / policy limit $100,000 / each employee CONSTRUCTION The following coverages will be required of each contractor performing construction or rehabilitation work with respect to activities funded under this agreement. a. Comprehensive General Liability: The Construction Recipient shall obtain a comprehensive general liability policy with coverage equivalent to the coverage provided under the ISO Comprehensive General Form with broad form CGL endorsement, edition date 1986 or ISO Comprehensive General Liability form, edition date 1988 or ISO Comprehensive General Liability form, edition The Policy will name PHDC and the City as Additional Insured and will include coverage for bodily injury and property damage arising out of: Products and Completed Operations Premises and Operations Independent Contractors Elevators and/or Escalators (if applicable) Blanket Contractual Liability (written and oral) Broad form Property Damage Explosion, Collapse and Underground Damage The Recipient warrants that coverage as described above will be maintained subject to policy limits at least equal to but not less than the following: $1,000,000 Each Occurrence 3 This coverage will only be required of the Recipient if it is also the contractor in regard to the rehabilitation and also has employees that are working on the site. 3

This policy will also include coverage for United States Longshoremen and Harbor Workers (if any basis) and employer s liability.

4 $1,000,000 Aggregate for Products/Completed Operations -- Combined single limit for bodily injury and property damage. $1,000,000 Products/Completed Operations Aggregate $1,000,000 General Aggregate (other than Products/Completed Operations) $1,000,000 Any one occurrence subject to General Aggregate 4. b. Workers Compensation Insurance: The Construction Recipient shall obtain a workers compensation policy which provides benefits in accordance with the statutory requirements of the Commonwealth of Pennsylvania and all other states in which the contractor performs work on behalf of PHDC and the City. This policy will also include coverage for United States Longshoremen and Harbor Workers (if any basis) and employer s liability. The policy limits for employer s liability coverage is to be at least equal to but not less than: Bodily Injury by Accident $100,000 / each accident $500,000 / policy limit $100,000 / each employee c. Automobile Liability Insurance: The Construction Recipient shall obtain a policy covering the liability arising out of the use of all owned, nonowned and/or hired automobiles subject to the policy limits at least equal to but not less than the following: $1,000,000 Each Occurrence Combined single limit for bodily injury and property damage. When the Construction Recipient does not own any automobiles, coverages for non-owned and hired automobiles is to be endorsed to the comprehensive general liability policy or provided under a separate nonowned and hired auto policy. The policy will include contractual liability coverage and name PHDC and the City, their employees, officers and agents, as additional insured with respect to operations to be funded under the agreement. 4 Note: Recipient should consult with his or her insurance broker to learn about the differences between the two forms and which type of form it currently has in force. 4

Workers Compensation Insurance: The Construction Recipient shall obtain a workers compensation policy which provides benefits in accordance with the statutory requirements of the Commonwealth of

5 d. Professional Liability 5 : Where services provided involve inspection, design, consulting and/or other professional services, such contractor is required to obtain Professional Liability Insurance. This policy will cover the professional services subject to a policy limit at least equal to but not less than $1,000,000 each claim and annual aggregate. A Claim s Made form may be acceptable if coverage cannot be obtained on an Occurrence form however, before PHDC will accept a Claim s Made form, a letter must be submitted to the Risk Manager with an explanation as to why such coverage is unable to be obtained. A complete copy of the policy must also be included for review by the Philadelphia Housing Development Corporation s Risk Manager. e. Asbestos, Lead and Pollution Liability 6 : Where services provided involve the removal of Asbestos, Lead or clean up of any environmental contaminant or pollutant, the Construction Recipient is required to provide additional information regarding its liability coverage which will show that coverage is provided for these exposures subject to a policy limit at least equal to but not less than $500,000 each claim and annual aggregate. A Claim s Made form may be acceptable if coverage cannot be obtained on an Occurrence form however, before PHDC will accept a Claim s Made form, a letter must be submitted to the Risk Manager with an explanation as to why such coverage is unable to be obtained. A complete copy of the policy must also be included for review by the Philadelphia Housing Development Corporation s Risk Manager. January 05, This coverage will only be required if Engineering, Architectural or Consulting services are provided. 6 This coverage will only be required if Asbestos, Lead, and Pollution services are performed. 5

A Claim s Made form may be acceptable if coverage cannot be obtained on an Occurrence form however, before PHDC will accept a Claim s Made form, a letter must be submitted to the Risk Manager with an

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