2021-177A - Laserfiche WebLink

Home Browse Search

Brokers and Sub -Brokers utilized in this project shall furnish a Certificate of Insurance to the County in accordance with the same requirements set forth herein. Automobile Liability Insurance: The Broker shall agree to maintain Business Automobile Liability at a limit of liability not less than $1,000,000.00 each accident covering any auto, owned, non -owned and hired automobiles. In the event, the Broker does not own any automobiles; the Business Auto Liability requirement shall be amended allowing Broker to agree to maintain only Hired & Non -Owned Auto Liability. This amended requirement may be satisfied by way of endorsement to the Commercial General Liability, or separate Business Auto Coverage form. Certificate holder must be listed as additional insured but only to the extent caused by Broker's negligence or willful misconduct. A waiver of subrogation shall be provided to the extent caused by negligence. Coverage shall apply on a primary basis but only to the extent caused by Broker's negligence or willful misconduct. Professional Liability: Broker shall agree to maintain Professional Liability, or equivalent Errors & Omissions Liability at a limit of liability not less than $1,000,000 Per Occurrence. When a self-insured retention (SIR) or deductible exceeds $10,000 the County reserves the right, but not the obligation, to review and request a copy of Broker's most recent annual report or audited financial statement. For policies written on a "Claims -Made" basis, the Broker warrants the retroactive date equals or precedes the effective date of this Agreement. In the event the policy is canceled, non -renewed, switched to an Occurrence Form, retroactive date advanced, or any other event triggering the right to purchase a Supplemental Extended Reporting Period (SERP) during the life of this Agreement, Broker shall agree to purchase a SERP with a minimum reporting period not less than three (3) years. If policy contains an exclusion for dishonest or criminal acts, defense coverage for the same shall be provided subject to the policy's terms and conditions. Waiver of Subrogation: The Broker shall agree by entering into this Agreement to a Waiver of Subrogation for each required policy, except for Professional Liability. When required by the insurer or should a policy condition not permit an Insured to enter into a pre -loss Agreement to waive subrogation without an endorsement then Broker shall agree to notify the insurer and request the policy be endorsed with a Waiver of Transfer of Rights of Recovery Against Others, or its equivalent. This Waiver of Subrogation requirement shall not apply to any policy where a condition to the policy specifically prohibits such an endorsement, or voids coverage should Broker enter into such an Agreement on a pre - loss basis. Deductibles: All deductible amounts shall be paid for and be the responsibility of the Broker for any and all claims under this Agreement. Where an SIR or deductible exceeds $5,000, Indian River County reserves the right, but not obligation, to review and request a copy of the Proposer's most recent annual report or audited financial statement. It shall be the responsibility of the Broker to ensure that all independent Brokers and/or Sub -Broker's comply with the same insurance requirements referenced above. The Broker may satisfy the minimum limits required above for either Commercial General Liability, Business Auto Liability, and Employers' Liability coverage under Umbrella or Excess Liability. The Umbrella or Excess Liability shall have an Aggregate limit not less than the highest "Each Occurrence" limit for either Commercial General Liability, Business Auto Liability, or Employers' Liability. When required by the insurer, or when Umbrella or Excess Liability is written on Non -Follow Form," the County shall be endorsed as an "Additional Insured." E3