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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 PertY dam e <br /> � > <br /> contractual liabilityhand the <br /> hazards of explosion, <br /> collapse <br /> 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 />