In addition to the University's Contract Risk Management Standards, these minimum insurance coverages and other terms and conditions are intended to apply to the leasing of any University owned real estate by outside parties.
Workers Compensation and Employers Liability
Workers Compensation: Statutory limits
- $1,000,000 Each Accident for Bodily Injury by Accident
- $1,000,000 Each Employee for Bodily Injury by Disease
- $1,000,000 Policy Limit for Bodily Injury by Disease
Commercial General Liability
- $1,000,000 Each Occurrence
- $2,000,000 General Aggregate
- $1,000,000 Each Occurrence Any One Premises for Damage to Rented Premises (for leases involving <10,000 sq ft.)
- $2,000,000 Each Occurrence Any One Premises for Damage to Rented Premises (for leases involving 10,000 sq ft. or more)
- $1,000,000 Each Occurrence (for leases involving <10,000 sq ft.)
- $2,000,000 Each Occurrence (for leases involving 10,000 sq ft. or more)
- "Special form" or "All Risk" property insurance covering no less than the current replacement cost value for all property brought onto Harvard premises plus any leasehold improvements made to the leased space
- Lessees who will be operating a vehicle on Harvard premises must maintain:
Business Automobile Liability - $1,000,000 Each Accident, applicable to all owned, non-owned and hired vehicles
2. Lessees who will be selling, serving, or furnishing alcoholic beverages on the leased premises themselves, or through contract with a third party, must maintain:
Liquor Liability - $1,000,000 Per Occurrence, $2,000,000 Aggregate
3. Lessees who will be operating a daycare or other business involving the regular presence of minors on the leased premises themselves, or through contract with a third party, must maintain:
Sexual Molestation Liability - $1,000,000 Per Occurrence, $2,000,000 Aggregate
Applicable Coverage Terms and Conditions:
- All required insurance must be purchased from companies with an A.M. Best Company financial strength rating of A minus: VII or better and be authorized to transact the respective class of insurance in the jurisdiction(s) in which work is to be performed, or products are to be delivered.
- All vendors and contractors must provide Harvard with written notice at least 30 days prior to any non-renewal, cancellation or material change in insurance which will result in their failing to comply with Harvard's insurance standards.
- If any of the required insurance is subject to a deductible greater than $25,000, the vendor or contractor must attest in writing that it possesses the necessary amount of unencumbered liquid assets to finance its responsibility for losses within the deductible.
- Any liability insurance purchased on a "claims-made" basis must be continuously maintained for a period equal to the applicable statute of repose [but no less than 3 years] following final delivery of goods or termination of services either through the continued purchase of insurance or the purchase of an extended reporting period. The retroactive date applicable to such "claims-made" insurance, if any, must precede the first date on which services are to be performed and/or product is to be delivered.
- All required liability insurances shall specifically name as additional insureds, with respect to the goods and/or services delivered, "President and Fellows of Harvard College, its subsidiary and affiliated companies, and officers, directors, members of governing boards, employees and agents of any of them."
- Any endorsements granting additional insured status must state the insurance afforded these additional insureds applies on a primary basis with respect to any other insurance or program of self-insurance available to the additional insureds, which will apply only on an excess and non-contributory basis. Additional insured status provided under an endorsement granting such status on a blanket, "...as required by written contract..." basis (in lieu of specifically identifying the additional insureds) is not acceptable unless the contract or agreement includes a specific requirement for additional insured status for the persons and entities specified above. Also the contract must be executed prior to the first date on which services are performed and/or product is delivered.
- The lessee's Workers’ Compensation & Employer’s Liability insurance policy must contain a waiver of the right of the insurer to obtain a recovery for claim payments made by the insurer.
- The lessee's Property insurance policy must contain a waiver of the insurer’s right to make a recovery for claim payments made by the insurer.