R2025-244 Fully Executed - Laserfiche WebLink

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r{}r'' i1,il:.,;i.,if ilrrf {.6iiinr{'r'r.t: insurance coverage for the activities arising out oJ or related to subgrants and/or subcontracts tif any). Commercial General Liability lnsurance coverage shall be maintained in fulltorie and effect during the term of this GrantAgreement and throughout the term of the deed of trust, if applicable' b. Property lnsurance. The GRANTEE shall keep the property insured in an amount sufficieni to permit such insurance to be written at all times on a replacement cost basis' Suchinsuranceshallcoverthefollowinghazards,asapplicable: 1. Loss or damage by fire and such other risks; 2. Loss or damage from leakage or sprinkler systems now or hereafter installed in any building on the Premises; 3. Loss or damage by explosion of steam boilers, pressure vessels, oil or gasoline storage tanks, -or similarapparatus now or hereafter installed in a building or building on the Premises. This property insurance coverage must be maintained in full force and effect throughout the term of this Grant Agreement and the term of the deed of trust, if applicable' c. Professional Liability, Errors, and omissions Insurance. lf GMNTEE will be prouloing any professi-onal services to be reimbursed under this Grant Agreement, the GRANTEE shall maintain Professional Liability or Errors and Omissions lnsurance with minimum limits of no less than $1,000,000 per occurrence to cover all activities by the GRANTEE and ticensed staff employed or under contract to the GRANTEE. The State of Washington, the Department oi Commerce, its agents, officers, and employees need not be named ". "ddition"l insureds under this policy. This insurance must be maintained throughout the term of the deed of trust, if applicable" GRANTEE shall require that any Subgrintee(s)/Subcontractor(s) providing professional services that are reimbursable under this Grant Agreemeni maintain Professional Liability or Errors and Omissions lnsurance at the coverage levels set forth in this subsection' d. Fidelity lnsurance. Every officer, director, employee, or agent who is authorized to act on uenltf of the GRANTEE for the purpose of receiving or depositing funds into progrqm accounts or issuint financial documents, checks, or other instruments of payment for program costs shaii be insured to provide protection against loss where: 1. The amount of fidelity coverage secured pursuant to this Grant Agreement shall be $2,000,000 or the highest 6f planned reimbursement for the Grant Agreement period, whichever is lovier. Fidelity insurance secured pursuant to this paragraph shall name the state of washington, the Department of commerce' its agents, officers, and employees as beneficiary' 2. Subgrantee(s)/Subcontractor(s) that receive $10'000 or more per year in funding throJgh this brant Agreement shall secure fidelity insurance as noted above. Fidetity insurance seiured by Subgrantee(s)/S_ubc9:1lracto(s) pursuant to this paragiapn shal name the GRANTEE and the GRANTEE's fiscal agent (if any) as beneficiary. 3. Fidelity lnsurance coverage shall be maintained in full force and effect from the start date of this Grant Agreement until GRANTEE has submitted a Closeout Certification Form, subject to the following: Fidelity lnsurance must be issued on either (a) a "loss sustjined" basis; or (b) if issued on a "loss-discovered" basis, provide coverage for at least 6 months following the date of COMMERCE's receipt of the Closeout Certification Form' The insurance required shall be issued by an insurance company authorized to do business within the State of Washington. Except ai otherwise set forth in this Section, each insurance policy shall name "the Stat6 of Washington the Department of Commerce, its agents, officers, anO emptoyees" as additional insureds-on all policies. All policies shall be primary to any other valid and collectable insurance. The GRANTEE shall instruct the insurers to give COMMERCE 30 calendar days' advance notice of any insurance cancellation or modification. ll. Page 9 of 25