Insurance Requirements

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.
• Business 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.

For exact specifications, please see the attached document containing the standard BID contract insurance clause here.