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048 CERTIFICATE OF INSURANCE <br /> The contractor, prior to the execution of the contract, shall obtain and keep in force <br /> during the performance of any and all work under this contract,the following insur- <br /> ance coverages, provided by companies acceptable to the City and authorized to <br /> transact business in the state of Illinois. The insurance companies will be rated by <br /> A.M. Best & Company with a rating not lower than A- and have a financial rating <br /> of VI. Coverage limits shall be written at not less than the minimum specified in <br /> this section. Higher minimum limits and additional coverages may be specified by <br /> a special condition elsewhere in the contract. <br /> WORKERS COMPENSATION and EMPLOYERS LIABILITY: <br /> Workers compensation insurance shall be provided according to the provisions of <br /> the Illinois Workers Compensation Act,as amended. <br /> Employers Liability <br /> a. Each Accident $500,000 <br /> b. Disease—policy limit $500,000 <br /> c. Disease—each employee $500,000 <br /> COMMERCIAL GENERAL LIABILITY <br /> General Aggregate Limit $2,000,000 <br /> Products—Completed Operations $2,000,000 <br /> Each Occurrence Limit $1,000,000 <br /> Insurance shall be written on an occurrence form and shall provide coverage for: <br /> operations of the contractor, subcontractors (if any),broad form property damage, <br /> contractual liability and the hazards of explosion,collapse and underground(if <br /> appropriate). An Umbrella policy may be used to provide excess limits over under- <br /> lying policy(ies)to meet the required limits of coverage. <br /> COMMERCIAL AUTOMOBILE LIABILITY: <br /> Bodily Injury &Property Damage, <br /> Combined Single Limit $1,000,000 <br /> The policy shall cover owned, nonowned, and hired vehicles. <br />