Specifications include, but are not limited to: 1. The Named Insured shall read: The Commonwealth of Kentucky for the benefit of the Henderson County Board of Education. 2. The contract period shall commence on July 1, 2024 at 12:01 a.m. 3. The bidder agrees to issue a three-year policy contract, payable annually, with rates guaranteed annually. The insurance company must notify the Named Insured of any rate increase at least 90 days prior to the anniversary date. It is understood and agreed that any additions and/or amendments added by the Board will be automatically included upon notification at the rate used in insuring similarly constructed buildings under the existing policy. 4. The policy shall be endorsed to provide the Names Insured a 90-day written notice of cancellation or nonrenewal during the policy period, except for non-payment of premium. 5. Insurance shall cover on a blanket basis all buildings, contents, and improvements/betterments contained in the enclosed statement of values, with an/a 90 percent coinsurance clause and a $1,000 deductible. 6. The insurance shall provide: a. All risks of physical loss or damage, subject to normal exclusions, on real and personal property, including property. b. Replacement cost coverage on real and personal property, except where noted on Statement of Values (included in this document). Replacement cost coverage shall not require replacement of destroyed property on the same site where the property was destroyed. c. Agreed Amount Clause on real and personal property. d. Earthquake Insurance – Insurance shall provide All Risk coverage for physical loss or damage, subject to normal exclusions, caused by earthquakes, to all building, contents, and property in open with a $25 million minimum limit. e. Deductible: Customary ten (10) percent shall apply for this coverage per occurrence. f. Band Instruments – Insurance shall provide for all risk coverage on band instruments valued at $280,000. Deductible: $250 per loss. Desire to have this coverage written on a Blanket Amount Basis to eliminate frequent endorsements caused by frequent changes in instruments, if possible. Please explain if this is possible. g. Band Uniforms – Insurance shall provide for All Risk coverage on 250 band uniforms valued at $50,000. Deductible: $250 applies per claim or loss Desire to have this coverage written for Blanket Amount to eliminate frequent endorsements caused by changes, if possible. Please explain is this is possible...
