Contract - Indiana Housing and Community Development Authority - DCI

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Professional Liability, also known as Errors and Omissions Insurance, for those Contractors required to hold a professional license by the Indiana Professional Licensing Agency with limits not less than $700,000 per cause of action and $2,000,000 per occurrence. This is coverage available to pay for liability arising out of the performance of professional or business related duties, with coverage tailored to the needs of the specific profession. Coverage for the benefit of the IHCDA shall continue for a period of two (2) years after the date of service provided under this Contract. 4. Fiduciary Liability. Deleted; not applicable. 5. Valuable Papers coverage. Deleted; not applicable. 6. Surety or Fidelity Bond(s). Deleted; not applicable. The Contractor shall provide proof of such insurance coverage by tendering to the undersigned IHCDA representative a certificate of insurance upon request and proof of workers compensation coverage meeting all statutory requirements of IC 22-3-2, upon request. In addition, proof of an "all states endorsement" covering claims occurring outside the State is required if any of the services provided under this Contract involve work outside of Indiana. B. The Contractor's insurance coverage must meet the following additional requirements: 1. The insurer must have a certificate of authority or other appropriate authorization to operate in the state in which the policy was issued. 2. Any deductible or self -insured retention amount or other similar obligation under the insurance policies shall be the sole obligation of the Contractor. 3. IHCDA will be defended, indemnified and held harmless to the full extent of any coverage actually secured by the Contractor in excess of the minimum requirements set forth above. The duty to indemnify IHCDA under this Contract shall not be limited by the insurance required in this Contract. 4. The insurance required in this Contract, through a policy or endorsement(s), shall include a provision that the policy and endorsements may not be canceled or modified without thirty (30) days' prior written notice to IHCDA. 5. The Contractor waives and agrees to require their insurer to waive their rights of subrogation against IHCDA. C. Failure to provide insurance as required in this Contract maybe deemed a material breach of contract entitling IHCDA to immediately terminate this Contract. The Contractor shall furnish a certificate of insurance and all endorsements to IHCDA upon request. 28. Key Person(s). A. If both parties have designated that certain individual(s) are essential to the services offered, the parties agree that should such individual(s) leave their employment during the term of this contract for whatever reason, IHCDA shall have the right to terminate this Contract upon thirty (30) days prior written notice. {00024811-1) Page 10 of 39