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ARTICLE 5 - BONDS AND INSURANCE Performance and Other Bonds : 5 . 1 CONTRACTOR shall furnish a Performance Bond in an amount equal to 125 % of the contract price and Payment Bond in an amount equal to 100 % of the contract price as security for the faithful performance and payment of all CONTRACTOR' S obligations under the Contract Documents. CONTRACTOR shall furnish the bond(s) on the form provided in these Contract Documents in accordance with this Article 5 . The Performance Bond shall remain in effect one ( 1 ) year after the date of final completion as set forth in the Certificate of Final Completion. All Bonds shall be in the forms prescribed by Law or Regulation or by the Contract Documents . The surety shall be authorized to issue surety bonds in Florida and be included in the most recent United States Department of Treasury List of Acceptable Sureties. The CONTRACTOR shall require the attorney-in-fact, who executed the Payment Bond and the Performance Bond, to affix to each a current certified copy of their Power of Attorney, reflecting such person ' s authority as Power of Attorney in the State of Florida. Further, at the time of execution of the Agreement, the CONTRACTOR shall provide a copy of the surety ' s current valid Certificate of Authority issued by the United States Department of the Treasury under 31 United States Code sections 9304-9308 . 5 .2 If the surety on any Bond furnished by CONTRACTOR is declared bankrupt or becomes insolvent or its right to do business is terminated in any state where any part of the Project is located or it ceases to meet the requirements of paragraph 5 . 1 , CONTRACTOR shall within five (5) days thereafter substitute another Bond and Surety, both of which must be acceptable to OWNER. CONTRACTOR' s Liability Insurance: 5 .3 Insurance - General: CONTRACTOR shall not commence work under this contract until he has obtained all insurance required under this Section and such insurance has been approved by the OWNER, nor shall the CONTRACTOR allow any Subcontractor to commence work on his/her subcontract until all similar insurance required of the Subcontractor has been so obtained and approved. All such insurance shall remain in effect until final payment and at all time thereafter when CONTRACTOR may be correcting, removing or replacing defective Work in accordance with paragraph 13 . 12 . 5 . 3 . 1 Insurance Requirements : 5 .3 . 1 . 1 Worker' s Compensation: To meet statutory limits in compliance with the Worker' s Compensation Law of Florida. This policy must include Employer Liability with a limit $ 100,000 for each accident, $500,000 disease (policy limit) and $ 100,000 disease (each employee) . Such policy shall include a waiver of subrogation as against OWNER and ENGINEER on account of injury sustained by an employee(s) of the CONTRACTOR. 5 .3 . 1 .2 Commercial General Liability: Coverage shall provide minimum limits of liability of $ 1 , 000,000 per occurrence Combined Single Limit for Bodily Injury and Property Damage. This shall include coverage for: • Premises/Operations • Products/Completed Operations • Contractual Liability • Independent Contractors 5 . 3 . 1 .3 Business Auto Liability: Coverage shall provide minimum limits of liability of $ 1 , 000,000 per occurrence Combined Single Limit for Bodily Injury and Property Damage . This shall include coverage for : • Owner Autos GENERAL CONDITIONS GC8