The BID must be insured
to protect itself and the City against claims for injuries to persons or damages
to property occurring in the BID. The insurance requirements are included
in the BID’s contract with the City of New York. Below is an outline of the general
insurance requirements for BIDs:
- Broad Form Comprehensive General Liability Insurance
must be procured with liability limits of $1,000,000 combined single limit for
personal injury, bodily injury and property damage, with an aggregate limit of
$5,000,000, with added coverage for contractual liability, personal injury
liability, broad form property damage, and products and completed operations.
Automobile Liability Insurance must be procured for all vehicles operated by
the BID with liability limits of $1,000,000 combined single limit for bodily
injury and property damage.
The BID must obtain Worker’s
Compensation Insurance with employer’s liability limits of $500,000 per accident.
Any deductibles or self-retentions must be declared to and approved by
the Commissioner of SBS.
The BID may obtain
Director’s and Officer’s Liability insurance to indemnify and save each director
of the BID from all liability connected with his duties as director or officer
of the BID.
The BID must comply with
the provisions of all required insurance policies and give the insurer and the
City notice of a claim, accident, or loss promptly upon its acquiring knowledge
of the same.
All insurance policies must
be satisfactory to the Commissioner of SBS and have a minimum "Best’s" rating of
no less than A:X. The DMA must deliver a copy of each of these policies to SBS
and, no less than thirty days prior to the expiration of any policy, a
confirmation of renewal.
specifications, please see the attached document containing the standard BID
contract insurance clause here.