HAND OUTS
CITY COUNCIL
MEETING
FEBRUARY 20, 2024
Exhibit B
Insurance Requirements
Insurance. Prior to the beginning of and throughout the duration of this Agreement, the following policies shall be maintained and kept in full force and effect providing insurance with minimum limits as indicated below and issued by insurers with A.M. Best ratings of no less than A-VI:
Commercial General Liability (at least as broad as ISO CG 0001) $1,000,000 (per occurrence)
$2,000,000 (general aggregate)
Errors and Omissions Liability
$1,000,000 (per claim and aggregate)
Workers’ Compensation
(per statutory requirements)
Must include the following endorsements:
Workers Compensation with Waiver of Subrogation
Cyber Liability
$1,000,000 (per occurrence)
$2,000,000 (general aggregate)
Custodian shall procure and maintain, at its cost, and submit concurrently with its execution of this Agreement, Commercial General Liability insurance against all claims for injuries against persons or damages to property resulting from Custodian’s acts or omissions rising out of or related to Custodian’s performance under this Agreement. The insurance policy shall contain a severability of interest clause providing that the coverage shall be primary for losses arising out of Custodian’s performance hereunder and neither Customer nor its insurers shall be required to contribute to any such loss.
Professional Liability or Errors and Omissions Insurance as appropriate shall be written on a policy form coverage specifically designed to protect against acts, errors or omissions of the Custodian and “Covered Professional Services” as designated in the policy must specifically include work performed under this agreement. The policy limit shall be no less than $1,000,000 per claim and in the aggregate. The policy must “pay on behalf of” the insured and must include a provision establishing the insurer’s duty to defend. The policy retroactive date shall be on or before the effective date of this agreement.
CITY COUNCIL MEETING - FEBRUARY 20, 2024 - HAND-OUT BY STAFF - DISTRIBUTED AT THE MEETING CONSENT CALENDAR ITEM NO. 2 - US BANK ASSET CUSTODY SERVICES AGREEMENT
RED-LINE EXHIBIT B - INSURANCE REQUIREMENTS