Babson College Insurance Requirements:

Babson College Insurance Requirements:

To: Contractor (Vender/Service Provider):

At least ten (10) Business days prior to the date upon which work, including any preliminary survey or similar work, is to be initiated under your agreement with Babson College (“College”) (collectively, “Work”), you or your company (“Contractor”) is required to submit an original Certificate of Insurance in a form satisfactory to the College. An original signed Certificate of Insurance will be accepted via fax directly from the insurance company if accompanied by their letterhead cover sheet.

If your coverage is renewed or replaced during the term of your contract with the College, the Contractor agrees to provide at least thirty (30) days prior to said expiration date, a new certificate of insurance evidencing insurance coverage as provided herein for not less than the remainder of the term of the contract, or for a period of not less than one (1) year. All insurers used shall have a rating of at least A-VIII in the latest edition of Best’s Insurance Reports.

New certificates of insurance are subject to the approval of the College, and the Contractor agrees that no work or services shall be performed prior to its receiving such approval. In the event Contractor fails to keep in effect at all times insurance coverage as herein provided, the College may in addition to any other remedies it may have, terminate the Contract upon written notice.

If the Contractor employs the services of a subcontractor (or other person or entity to complete the Work) (each, a “Subcontractor”), then Contractor shall either require each Subcontractor to procure and to maintain during the term of the subcontract insurance of the types and in the amounts specified below. The Contractor further agrees that it will be responsible for collecting the appropriate evidence of insurance from all Subcontractors in a form satisfactory to the College.

All certificates shall be sent or delivered to: Peter Russo, Director of Purchasing & Auxiliary Services, Nichols Building, Babson College, Babson Park, MA 02457-0310.

If these requirements are not met, the certificate of insurance will be returned to the Contractor/Subcontractor for correction and resubmission. Please keep in mind incorrect submission of the certificate of insurance may delay payment for services rendered.

If you have any questions, please contact Barbara Burke at 781-239-4202.

1) Workers’ Compensation: Statutory coverage

• Include on the certificate of insurance a Waiver of Subrogation in favor of “Babson College.”

• Within 30 days provide a copy of the waiver of subrogation endorsement to your policy in favor of Babson College.

2) Employers’ Liability: $100,000/$500,000/$100,000 minimum limits or limits satisfying umbrella-underlying requirements.

3) Commercial General Liability: $1,000,000 per occurrence; $2,000,000

Aggregate; and $2,000,000 per project

Aggregate where applicable

• Occurrence Form- with respect to liability for property damage, bodily injury and death, premises completed operations, contractual and products liability. Include completed operations for a period of not less than one year or per specified contract following completion of Contractor’s work.
• Including explosion, collapse and undermining and damage to under-ground utilities (X.C.U.)

(If applicable based on job)

• List Babson College, its trustees, officers, employees and agents as an additional insured on a primary/non-contributory basis on the certificate of insurance, on an ISO form

CG 20 10, 11/85 or equivalent. If you have blanket additional insured coverage, please indicate this on your certificate of insurance.

• Provide a Waiver of Subrogation in favor of “Babson College.”

• Within 30 days please provide a copy of the waiver of subrogation endorsement in favor of Babson College and the additional insured endorsement to your policy adding Babson College, its trustees, officers, employees and agents as an additional insured on a primary/non-contributory basis.

4) Business Auto Policy:

A) Venders/Independent Consultants $1,000,000 Combined Single Limit

B) Charter Bus Venders: $5,000,000 Minimum per Occurrence

AND all sub-contracted bus vendors must carry same adequate motor vehicle liability insurance limits and Babson College must be advised of the use of any sub-contracted bus company.

• Policy to cover all owned if any, non-owned and hired automobile use, including bodily injury and property damage.
• List Babson College, its trustees, officers, employees and agents as an additional insured on a primary/non-contributory basis on the certificate of insurance, on an ISO form CA 2048 or equivalent, only applies to chartered bus/hired for transportation services. If you have blanket additional insured coverage, please indicate this on your certificate of insurance.

• Within 30 days provide a copy of the endorsement to your policy, adding Babson College, its trustees, officers, employees and agents as an additional insured on a primary/non-contributory basis.

5) Commercial Umbrella Liability:

A) If work involves excavation, structural work, blasting, major plumbing, major electrical, major roofing or similar major activities. Contractors such as General Contractors, Specialty Contractor, and High Exposure work:

A minimum of $10,000,000 per occurrence and in the aggregate is required.

B) If work involves minor roofing, painting, remodeling, plumbing, and electrical and tuck pointing. Contractors such as Trade Contractor, Electrician, Plumbing, HVAC or Other Service Contracts:

A minimum of $2,000,000 per occurrence and in the aggregate is required.

C) If inside work involves painting, flooring, plastering, cleaning:

A minimum of $1,000,000.00 per occurrence and in the aggregate is required.

· Policy shall be no less broad than the underlying policy

applicable TO PROFESSIONAL SERVICE PROVIDERS:

7) PROFESSIONAL LEGAL LIABILITY - ERRORS AND OMISSIONS: (If applicable based on job)

$1,000,000 per Occurrence

$1,000,000 per Aggregate

• Service provider/professional shall maintain such coverage in effect for 3 years after substantial completion of the project to the extent it is commercially available.
• List Babson College, its trustees, officers, employees and agents as an additional insured on a primary/non-contributory basis on the certificate of insurance. If you have blanket additional insured coverage, please indicate this on your certificate of insurance.

• Within 30 days provide a copy of the endorsement to your policy, adding Babson College, its trustees, officers, employees and agents as an additional insured on a primary/non-contributory basis.

APPLICABLE TO CONSTRUCTION SERVICE PROVIDERS:

6) Equipment Floater: Limit: Total Value of all Equipment Owned

• All Risk coverage for personal property including all mobile equipment owned and all non-owned property in your care, custody or control, for which you are legally liable or for which you have agreed to insure or be responsible.

• Indicate on the certificate of insurance a Waiver of Subrogation in favor of Babson College.

• Within 30 days provide a copy of the waiver of subrogation endorsement to your policy in favor of Babson College.
• Should the Contractor or its Subcontractors choose to self-insure this risk, it is expressly agreed that the Contractor and its Subcontractors waive any claim for damage or loss to said machinery and equipment against Babson College.

If required by contract:

8) Installation Floater: Limit: Completed Value of Work

This policy shall insure the replacement cost value of all property including fixtures, materials, supplies,

Machinery and equipment which will be installed by the Contractor until the Work is completed and

accepted against all risk of loss.

• List Babson College, its trustees, officers, employees and agents as an additional insured on a primary/non-contributory basis on the certificate of insurance. If you have blanket additional insured coverage, please indicate this on your certificate of insurance.

9) BUILDERS RISK: Limit: Completed Value of Work on coverage form (CP0020)

• Certificate of insurance must be provided evidencing insurance

• List Babson College, its trustees, officers, employees and agents as an additional insured on a primary/non-contributory basis on the certificate of insurance. If you have blanket additional insured coverage, please indicate this on your certificate of insurance.

• The job site insurance provided by the Contractor for the Contractor, Subcontractors and subordinate subcontractors, according to these insurance requirements will be kept in force until acceptance of the project by Babson College and completion of all punch list items or such later date as Babson College may elect (guarantee period).

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