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PROJECT MANUAL PAGE 13 <br /> established in the specifications and the award. Performance bonds will be held until all <br /> contractual obligations are met to the satisfaction of the City of Decatur. <br /> The City of Decatur will return the Bid Bond upon receiving the Performance Bond. Under no <br /> circumstances shall the successful bidder start work until he/she has supplied the City of <br /> Decatur a Performance Bond. If the successful bidder fails to supply a Performance Bond as <br /> specified in the bid,the City shall be entitled to retain the bid deposits to remedy the bidder's <br /> unacceptable performance. <br /> 049 CERTIFICATE OF INSURANCE <br /> The contractor, prior to the execution of the contract, shall obtain and keep in force during the <br /> performance of any and all work under this contract,the following insurance coverages, <br /> provided by companies acceptable to the City and authorized to transact business in the state of <br /> Illinois.The insurance companies will be rated by A.M. Best&Company with a rating not lower <br /> than A-and have a financial rating of VI. Coverage limits shall be written at not less than the <br /> minimum specified in this section. Higher minimum limits and additional coverages may be <br /> specified by 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 the Illinois <br /> 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: operations of <br /> the contractor,subcontractors (if any), broad form property damage, contractual liability and <br /> the hazards of explosion, collapse and underground (if appropriate).An Umbrella policy may be <br /> used to provide excess limits over underlying policy(ies)to meet the required limits of coverage. <br /> COD 2023-26A AEX 6541 <br />