Legal text for SACC item
The Contractor must obtain All Risks Property insurance while the Government Property is under its care, custody or control, and maintain it in force throughout the duration of the Contract, in an amount of not less than $ ______ . The Government's Property must be insured on _________ basis. (Contracting officers must insert one of the following basis of valuation: "Replacement Cost (new)"; "Actual Cash Value (depreciated cost)" or "Agreed Value (appraisal)")
- Administration of Claims: The Contractor must notify Canada promptly about any losses or damages to Government Property and monitor, investigate and document losses of or damage to ensure that claims are properly made and paid.
- The All Risks Property insurance policy must include the following:
- Notice of Cancellation: The Contractor will provide the Contracting Authority at least thirty (30) days prior written notice of policy cancellation or any changes to the insurance policy.
- Loss Payee: Canada as its interest may appear or as it may direct.
- Waiver of Subrogation Rights: Contractor's Insurer to waive all rights of subrogation against Canada as represented by ____________ (insert department) and Public Works and Government Services Canada for any and all loss of or damage to the property however caused.