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  2. Finance Committee - Agenda - 5/17/2017 - P30

Finance Committee - Agenda - 5/17/2017 - P30

By dnadmin on Mon, 11/07/2022 - 10:25
Document Date
Wed, 05/17/2017 - 00:00
Meeting Description
Finance Committee
Document Type
Agenda
Meeting Date
Wed, 05/17/2017 - 00:00
Page Number
30
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/fin_a__051720…

Waiver of Subrogation The referenced policies and any Excess or Umbrella
policies shall contain a waiver of subrogation in favor of the City of Nashua and
its officers, directors, employees, volunteers and agents while acting in such
capacity, and their successors and _ assignees, as they now, or as they may
hereafter be constituted , singly, jointly or severally.

Primary Insurance The referenced policies and any Excess or Umbrella
policies shall indicate that they are primary to any other insurance and the
insurance company(ies) providing such policy(ies) shall be liable thereunder
for the full amount of any loss or claim, up to and including the total limit of
liability, without right of contribution from any of the insurance affected or which
may be affected by the City of Nashua.

Severability of Interests or Cross Liability The referenced policies and any
Excess or Umbrella policies shall contain either a Cross Liability endorsement
or Severability of Interest Clause and stipulate that inclusion of the City of
Nashua as an Additional Insured shall not in any way affect the City of
Nashua’s rights either as respects any claim, demand, suit or judgment made,
brought or recovered against the Contractor. Said policy — shall protect Contractor
and the City of Nashua in the same manner as though a separate _ policy had been
issued to each, but nothing in said policy shall operate to increase the

insurance company’s liability as set forth in its policy beyond the amount or
amounts shown or to which the insurance company would have been liable if
only one interest had been named as an insured.

Evidence of Insurance

All Coverages — Prior to commencing work, Contractor shall provide the
City of Nashua with a certificate of insurance evidencing coverage, and upon
request, a certified duplicate original of the policy. The certificate shall also
show that the Contractor’s _ policy(ies) will not be cancelled or coverage altered
without 30 days prior written notice to the City of Nashua.

General Provisions

Notice of Cancellation -- The policies shall provide that the Contractor’s
policies will not be cancelled or have limits reduced or coverage altered
without 30 days prior written notice to the City of Nashua.

Acceptable Insurers ~ All policies will be issued by insurers with a Best’s
Rating of A- 10 or better.

Self-Insurance — Upon evidence of financial capacity satisfactory to the City
of Nashua and Contractor’s agreement to waive subrogation against the City of
Nashua respecting any and all claims that may arise, Contractor’s obligation
hereunder may be satisfied in whole or in part by adequately funded self-
insurance.

Failure to Maintain Insurance — All insurance specified above shall remain
in force until all work to be performed is satisfactorily completed and the work

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Finance Committee - Agenda - 5/17/2017 - P30

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