Insurance and Bonding Guidelines – Appendix – A. Certificates of Insurance
To be included in solicitation, purchase order, or contract:
Contractor shall procure and maintain insurance which shall protect the contractor and the University from any claims for bodily injury, property damage, or personal injury which may arise out of operations under the agreement. Contractor shall procure the insurance policies at the contractor’s own expense and shall furnish the University an insurance certificate listing the University as certificate holder. The insurance certificate must document that the liability insurance coverage purchased by the contractor includes contractual liability coverage to protect the University. The certificate shall be furnished no later than 10 business days after notification of the University’s intent to award a contract. In addition, the insurance certificate must provide the following information:
- Name and address of authorized agent
- Name and address of insured
- Name of insurance company (licensed to operate inTennessee)
- Description of coverage in standardterminology
- Limits of liability
- Name and address of certificateholder
- Acknowledgment of notice of cancellation to theUniversity
- Signature of authorized agent
- Telephone number of authorized agent
- Details of policy exclusions in comments section of insurance certificate
See Certificate of Insurance sample form in linked PDF.
*Please remember the required minimum limit for Builders Risk Insurance is the amount of the initial contract sum plus the value of any subsequent modification for the covered project at the site on replacement cost basis. “All risk” of physical loss is covered.