R2025-244 Fully Executed (2) - Laserfiche WebLink

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.c >a r' |:l; ll!:,;1"; i !.?er!l (.oriimi:i;t:c II. insurance coverage for the activities arising out of or related to subgrants and/or subcontracts tit invl. Commercial General Liability lnsurance coverage shall be maintained in futt tord6 and effect during the term of this Grant Agreement and throughout the term of the deed of trust, if applicable' b. Property Insurance. The GRANTEE shall keep the property insured in an amount sufficient 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 Oamaie 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 tanrs, -or similai apparatus 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 lnsurance. lf GRANTEE will be providing 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 ro f"ir than $i,000,000 per occurrence to cover all activities by the GRANTEE anO ticenseo staff employed or under contract to the GRANTEE' The State of Washington, gre Olpirtment oi Commerce, its agents, officers, and employees need not be named "i "ooition"l insureds under this policy. This insurance must be maintained throughouttheterm of the deed of trust, if applicable' GRANTEE shallrequire that any SuOgr-nieels)/Subcontractor(s) providing- professional services that are reimbursable under this Grant Agreemeni maintain Frofessional Liability or Errors and Omissions lnsurance at the coveiage levels set forth in this subsection' d. Fide|ity lnsurance. Every officer, director, employee, or agent who is authorized to act on oenitt of the GRANTEE for the purpose of receiving or depositing funds-into program accounts or issuint nn*.i"i documents, checks, or bther instruments of payment for f.gr"r costs shaii be insured to provide protection against loss where: 1. The amount of fidelity coverage secured pursuant to this Grant Agreement shall be 92,000,000 or tne'nignest 6f planned reimbursement for the Grant Agreement period, whichever is loriier. 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 $1o,oo0 or more per year in funding throJgh tnis-Grant Agreemeni shall secure fidelity insurance as noted above' Fidel1y in"urance selured by Subgrantee(s)/S-ubcontractor(s) pursuant to this paragiaph "t''"tt n"t" the cRANTEE 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 r-rm, suo;ect-to the following: Fidelity lnsurance must be issued on either (a) " ,ilo." sustiined" basis; or (b) if issued on a "loss-discovered" basis, provide coverage for at least 6 months foliowing 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 Wainington. Except ai otherwise set forth in this Section, each insurance poiicy snatt name "the Stati ot Washington the Department of Commerce' its agents' officers' lnO 6rpfoy"es" 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 gO catenOai Oayt; "Ju"n"" notice of any insurance cancellation or modification' Page 9 of 25