206 – Exhibit J – Insurance Rider to Specimen Contract

Description

Insurance Rider Insurance. The Contractor shall procure and maintain, at its own expense, liability insurance for damages of the kinds and in the amounts hereinafter provided, from insurance companies licensed, admitted and approved to do business in the State of New Jersey. The Contractor shall obtain this coverage from A- VII or better - rated companies as determined by A.M. Best Company. The types and minimum amounts of insurance required are as follows: When required “Additional Insureds" means the New Jersey Economic Development Authority, the State of New Jersey, and any other entities that are required to be additional insured pursuant to any agreements regarding ownership or tenancy interest in site in which NJEDA is a party and provide proof of same to the NJEDA prior to entry on the Premises. The Contractor hereby waives all rights of subrogation against the New Jersey Economic Development Authority, the State of New Jersey, and any other entities that are required for recovery of damages to the extent those damages are covered by any insurance policies the Contractor is required to maintain as set forth herein. Contractor agrees to obtain, at its own cost, any endorsement necessary to provide such a waiver under the applicable insurance coverage. (a) Commercial General Liability Insurance. The minimum limits of liability for this insurance shall be $1,000,000 per occurrence and $2,000,000 in the aggregate and cover liability based on property damage, death and bodily injury. The Commercial General Liability Insurance policy shall name the parties specified above as additional insureds for both ongoing and completed operations on a primary and non-contributory basis using forms CG2010, CG2037 and CG2001 (or substitute forms providing equivalent coverage). The coverage to be provided under this policy shall be at least as broad as the standard, basic, unamended and unendorsed commercial general liability policy and shall include contractual liability coverage. (b) Workers' Compensation and Employers' Liability. Workers' Compensation Insurance shall be provided in accordance with the requirements of the laws of this State and shall include an endorsement to extend coverage to any State, which may be interpreted to have legal jurisdiction. Employers' Liability Insurance with limits of no less than $100,000 / $500,000 / $100,000 shall also be provided.