Our insurance requirements are as follows –
In addition to any other forms of insurance or bonds required under this License and except to the extent that any of the requirements of this section are expressly waived or revised in writing by RBMN, Licensee, prior to the commencement of any work pursuant to this License and throughout the term of this License, shall at its own cost and expense, maintain insurance of the following kinds and amounts to deliver to RBMN Real Estate Department satisfactory evidence of such insurance as indicated herein.
a. Public Liability Insurance – including contractual liability insurance, with a limit of not less than $5,000,000 combined single limit for bodily injury and/or property damage for damages arising out of bodily injuries to or death of all persons in any one occurrence and for damage to or destruction of property, including the loss of use thereof, in any one occurrence. RBMN shall be named as an additional insured under this insurance.
b. Worker’s Compensation Insurance in Statutory Amounts. Employer’s Liability and Occupational Disease Insurance with limits of $1,000,000 each accident, $1,000,000 policy limit and $1,000,000 each employee. Such policy shall include a waiver of subrogation in favor of RBMN.
c. Automobile Liability Insurance with a limit of not less than $5,000,000 combined single limit for bodily injury and/or property damage per occurrence. RBMN shall be named as an additional insured under this insurance.
d. Licensee, with respect to the operations performed by it or any of its’ subcontractors, shall provide Railroad Protective Liability Insurance (ISO-RIMA FORM) in the name of Reading Blue Mountain & Northern Railroad, with a limit of not less than $2,000,000 per occurrence, combined single limit for bodily injury and/or property damage, for damages arising out of bodily injuries or to death of all persons and for damage to or destruction of property, including the loss of use thereof. Such insurance shall also contain an aggregate of not less than $6,000,000 for damages arising out of more than one occurrence. RBMN shall be the “Named Insured” on this policy.
e. General Contractor’s Pollution Liability coverage, with limits of not less than $5,000,000 aggregate bodily injury, property damage and cleanup expenses resulting from pollution conditions, Also provides coverage for contractor’s liability for subcontracted activities, such as lead paint removal and asbestos abatement. RBMN shall be named as Additional Named Insured under this insurance.
f. The insurance specified above shall be carried until the Project is satisfactorily completed and formally accepted by RBMN. Failure to procure and maintain such insurance shall constitute a Breach of this License.
g. The above indicated insurance coverages shall be effected under standard form policies issued by insurers of financial responsibility that are rated “A” or better by Best’s Insurance Reports, “AA” or better by Standard & Poor’s Insurance Rating Service and “Aa” or better by Moody’s Investors Service. RBMN reserves the right to reject as inadequate any insurance coverage provided by an insurance company that is rated less than the ratings above by any of the aforementioned rating services.
h. The above indicated insurance coverages shall be enforceable by any legitimate claimant after the termination or cancellation of this License or any attachment hereto, whether by expiration of time, by operation of law or otherwise, so long as the basis of the claim against the insurance company occurred during the period of time when the License was in effect and the insurance was in force.
i. Licensee shall furnish RBMN with certificates of insurance evidencing the insurance coverages required in subsections a,b,c, etc. above and shall also furnish the original Railroad Protective Liability insurance policy referred to in subsection d, above at least thirty (30) days prior to the commencement of this License. RBMN shall be named as an additional insured under the insurance coverages outlined in subsections a,b,c, etc. above. Certificates of Insurance and/or policies should be sent to:
Reading Blue Mountain & Northern Railroad Real Estate Department
P.O. Box 188
Port Clinton, PA 19549
j. All insurance policies shall be endorsed to provide that the insurance company shall give thirty (30) days prior written notice to: Reading Blue Mountain & Northern Railroad Real Estate Department, P.O. Box 188, Port Clinton, PA 19549 if the polices are to be terminated or if any changes are to be made which will in any way affect the insurance requirements of this License.