Insurance Requirements for Facility Improvement Projects
Plans for improvements, alterations, repairs, etc., for any department must be sent to the Director of Physical Plant for approval. The following are Loyola University New Orleans' minimum insurance standards for contractors/vendors performing services on its premises or performing work for the University related to any facility improvement, alteration, repair or similar project:
- All contractors/vendors shall procure, pay for, and maintain the minimum insurance coverage set forth below for the entire term of the purchase agreement or contract. All insurance coverage is subject to the approval of the University and shall be issued by an insurance company with an A.M. Best rating of A-:VIII or better.
- All insurance required herein shall contain a waiver of subrogation in favor of the University.
- All insurance required herein, except Workers' Compensation, shall name Loyola University New Orleans as an additional insured.
Required Insurance Coverage:
Commercial General Liability Insurance (Broad Form) including Personal Injury Liability, Independent Contractor's Liability, Contractual Liability, Product Liability, Completed Operations Liability and Property Damage Liability in an amount not less than $1,000,000 per occurrence.
Workers' Compensation Insurance and Employers Liability Insurance in accordance with the statutes of Louisiana covering the requirements for all of the contractor employees performing duties under the purchase agreement and, in case any work is sublet, the contractor shall require all subcontractors to provide Workers' Compensation Insurance for all of the latter's employees, unless such employees are covered by the protection afforded by the contractor. Employers' Liability coverage shall be in amount not less than $500,000 for each accident, disease and/or occurrence.
Automobile Liability and Property Damage Insurance covering, but not limited to, hired and non-owned vehicles with limits as to bodily injury and/or death and/or property damage in an amount not less than $1,000,000 per occurrence.
Builder's Risk Insurance: Determined by the scope and size of project. Contact the Risk Management Office.
Excess Liability Insurance: Determined by the scope and size of project. Contact the Risk Management Office.
Evidence of Coverage:
The contractor must furnish the University with certificates of insurance as evidence
of satisfaction of the above insurance requirements prior to commencement of
operations under the purchase agreement or contract. Such certificates shall
verify the waiver of subrogation in favor of the University, the naming of the
University as additional insured, and shall specify that in the event of cancellation
or material change in coverage, at least (30) days prior notice will be given
to the University concerning such event.
Evidence of the above insurance requirements must be attached to the purchasing documents.
Upon approval, the Director of the Physical Plant will forward the purchase order to the Director of Purchasing.
