Q.2
INSTALLATION FLOATER
An Installation Floater Insurance Policy covering all risks of physical loss
or damage, including flood and earthquake, must be issued to cover the
liability of the Contractor in performance of the work under this Contract.
The coverage limits under such policy shall be for not less than one hundred
percent (100%) of the completed value of the project for each occurrence.
Such coverage shall continue in force and effect until delivery to and
acceptance by the VRE Contracting Officer or its designated recipient. VRE
shall also be named as loss payee on the Installation Floater Policy. Unless
VRE determines that further construction is not economically feasible, VRE
shall forward the proceeds of the policy to the Contractor so that the
construction of the project can proceed to completion. Coverage shall
commence from the time the materials, equipment, machinery and/or supplies
arrive at the site of installation and shall end at the earliest of the date when
such work and/or property has been fully accepted by VRE’s Project Manager.
Q.3
RAILROAD PROTECTIVE LIABILITY INSURANCE
Prior to entry upon VRE’s property, the Contractor shall carry Railroad
Protective Liability Insurance in the amounts of $1 million per occurrence and
$3 million aggregate, and name the “Northern Virginia Transportation
Commission and the Potomac and Rappahannock Transportation Commission,
together known as Virginia Railway Express” as insured.
60R
IFB No. 016-002
Wheel Truing Machine
Virginia Railway Express