Insurance Requirements for Vendors, Contractors,
Service Providers, etc.
The following are Loyola University New Orleans' minimum insurance standards for contractors/vendors performing services on its premises or performing work for the University:
- 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 with a minimum limit of liability of $1,000,000 per occurrence for bodily injury and property damage.
Workers' Compensation Insurance and Employers Liability Insurance in accordance with the statutes of Louisiana covering the requirements for all of the contractor/vendor's employees performing duties under the purchase agreement or contract. If any work is sublet, the contractor/vendor 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/vendor. Employers' Liability coverage must have a minimum limit of liability of $500,000 per occurrence.
Automobile Liability and Property Damage Insurance covering, but not limited to, hired and non-owned vehicles with a minimum combined single limit of liability of $1,000,000 per occurrence for bodily injury, death, and/or property damage.
Evidence of Coverage
The contractor/vendor must furnish the University with certificates of insurance
evidencing the above insurance requirements prior to commencement of operations
under the purchase agreement or contract. Such certificates shall verify waiver
of subrogation in favor of the University, shall indicate Loyola University New
Orleans as additional insured, and shall specify that in the event of cancellation
or material change in coverage, at least thirty (30) days prior written notice
will be given to the University concerning such event.
Copies of the certificates of insurance verifying the above coverage must be forwarded to the Risk Management Office, Campus Box 11, for approval.
