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Docusign Envelope lD: 1 2F0630C-CF27 -4904-94CD-F83E8C6F2Cl 0 \,faslitn.J:0rr SlaLe DeDa':nrent of(lonrmeltrt: insurance coverage for the activities arising out of or related to subgrants and/or subcontracts O invl. Commercial General Liability lnsurance coverage shall be maintained in tutt tord6 ano e*ect during the term of this Grant Agreement and throughout the term of the deed of trust, if applicable' b. Property lnsurance. The GRANTEE shall keep the property insured in an amount sufficient to permit such insurance to be written ai all times on a replacement cost basis' such insurance shall cover the following hazards, as applicable: 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 tant<s,6r simitai 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. Professiona| Liability, Errols, and omissions lnsurance. lf GRANTEE will be ;;idi;g ;y professional services to be reimbursed under this Grant Agreement, the GRANTEE shall maintain Professional Liability or Errors and omissions lnsurance with minimum limits of no f"tt than $1,000,000 per occurrence to.cover all activities by the GRANTEE anO ticenseO staff employed or under contract to the GRANTEE' The State of Washington, tfre Oepartment oi Commerce, its agents, officers, and employees need not be named a. addition"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 suograntee(i)/Subcontractor(s) providing professional services that are reimbursable under thii'Grant Agreemeni maintain Frofessional Liability or Errors and Omissions lnsurance at the coveiage levels set forth in this subsection' d. Fidelity Insurance. Every officer, director, employee, or agent who is authorized to act on oenir of the GRANTEE for the purpose of receiving or depositing funds- into prog.rSm accounts or issuint financial documents, checks, or bther instruments of payment for frogr"* 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 oitn"'n'gnest 5f planned reimbursement for the Grant Agreement period, wnicnever is lowir. Fidelity insurance secured pursuant to this paragraph shall name the state of washingion, the Department of commerce, its agents, ofiicers, and employees as beneficiary' 2. Subgrantee(s)/subcontractor(s) that receive $1o,0oo or more per year in funding throigh this'-d;;t ngreemeni shall secure fidelity insurance as noted above' Fidelity insurance seiured by Subgrantee(s)/Slbcontracto(s) pursuanl to lhis paragraph "n"tt n"tn" tne CRArufeE 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 rlim, suniectio the following: Fidelity lnsurance must be issued on either (a) a ,.loss sustiined" basis; or (bfif 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 Wasnlngion. Except as otherwise set forth in this Section, each insurance poiicy snatt name "the StatE of Washington the Department.of.Commerce, its agents' officers' lnoi,,''pro'"es,, as aOo-iiionar 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 S0 catendai d;ys' advance notice of any insurance cancellation or modification' thtrt lt. Page 9 of 25