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Insurance Requirements
Certificates of Insurance (COI) - Insurance requirements vary based on the nature and extent of activities and services. COI is a document used to provide information on specific insurance coverage. The COI provides verification of the insurance and usually contains information on types and limits of coverage.
Following are limits we request for different vendors for facility rentals, contracts, services, events, chartered rentals, etc.
Events with 500 or less and General Contracts
Type of Contract Examples
- Conferences
- Facility Rentals
- Events
- Guest Speakers
- Bands
- Entertainment Services
Minimum Coverage Limits
| Auto | $1 million combined single limit |
| General Liability | $1 million per occurrence / $2 million per aggregate |
| Workers Compensation | $100,000 per accident per employee / $500,000 policy limit (if applicable) |
Add Additional Insured Language
Drake University is an additional insured on general liability with regard to the operations of the insured for any and all events that insured holds on Drake's campus.
Events with 500 or more
Minimum Coverage Limits
| Auto | $1 million combined single limit |
| General Liability | $1 million per occurrence / $5 million per aggregate |
| Workers Compensation | $100,000 per accident per employee / $500,000 policy limit (if applicable) |
Add Additional Insured Language
Drake University is an additional insured on general liability with regard to the operations of the insured for any and all events that insured holds on Drake's campus.
Air Charter
Minimum Coverage Limits
| General Liability | $1 million per seat with $5 million minimum coverage—if over 5 seats, you must have $1 million per seat |
Add Additional Insured Language
Drake University is an additional insured on general liability with regard to the air charter operations of the insured for any and all events that Drake University air charters.
Chartered Rental Service
Minimum Coverage Limits
| Auto | $5 million combined single limit. List umbrella / excess & medical payment coverage (if applicable) |
| General Liability | $1 million per occurrence / $2 million aggregate |
| Workers Compensation | $100,000 per accident per employee / $500,000 policy limit (if applicable) |
Add Additional Insured Language
Drake University is an additional insured on general liability with regard to operations of the insured for bus services for Drake University events.
Requests for Services < $25,000
Minimum Coverage Limits
| Auto | $1 million combined single limit for bodily injury & property damage coverage covering owned auto |
| General Liability | $1 million per occurrence / $2 million per aggregate |
| Workers Compensation | $100,000 per accident per employee / $500,000 policy limit (if applicable) |
Add Additional Insured Language
Drake University and its Board of Trustees, officers, employees, agents, and volunteers are named as additional insured on general liability and other policies as specified by the contract for any and all jobs contracted to Drake University.
Special Event Liability Coverage
TULIP provides special event liability coverage. It is designed for third party users who do not carry liability insurance and is offered at a low cost. It is event-specific and can only be purchased when the events take place in an institution-owned facility. It does not extend to other properties. For a quick quote, click on the link for URMIA TULIP Plus.
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