Insurance, Confirmation, Deposits, Payments, and Cancellations
- Cornell Tech and Cornell University units: All expenses will be charged to a Cornell University 7-digit account number.
- Not for Profit clients: Submit confirmation of 501(c)(3) status upon execution of the quote/contract and verify source of payment (check or wire transfer).
- For Profit clients: will need to verify source of payment (check or wire transfer only) and execute quote/contract.
Cornell University requires Licensee to submit evidence of adequate insurance prior to the occupant of University rented/leased spaces. Licensee agrees to carry and maintain, at its sole cost and expense, the following types of insurance:
1.1 Statutory Worker’s Compensation Insurance under the laws of the State of New York and any other laws that may be applicable thereto. Coverage “B” Employers Liability must have limits of at least $1,000,000 per accident for bodily injury and disease, on behalf of, or with regards to, all employees involved in Licensee’s operations under the agreement.
1.2 Commercial General Liability Insurance subject to at least limits of $1,000,000 each occurrence and $2,000,000 aggregate. Coverage must be provided for Bodily Injury Liability, Broad Form Property Damage Liability, Contractual Liability and Products and Completed Operations coverage. Coverage shall be at least as broad as that provided by the edition of Insurance Services Office (“ISO”) Form CG 0001 in effect as of date hereof, shall contain no exclusions other than as required by law or as approved by Cornell. Completed Operations coverage is to be maintained for a minimum period of three (3) years after completion of the contract. The policies shall be primary and non-contributory.
1.3 Automobile Liability Insurance subject to limits of not less than $1,000,000 combined single limit for each accident. Such Automobile Liability Insurance shall be for all of Licensee ‘s owned, non-owned, and hired automobiles. Coverage shall be at least as broad as that provided by the edition of Insurance Services Office (“ISO”) Form CA 0001 in effect as of date hereof, shall contain no exclusions other than as required by law or as approved by Cornell.
Ø For Charter Bus Companies, the minimum Automobile Liability coverage required is $5,000,000.
1.4 Umbrella/Excess Liability Insurance subject to limits of not less than $5,000,000 per occurrence and follow-form of the primary Commercial General Liability, Business Automobile Liability insurance, and Employers Liability policies. These policies shall contain an endorsement stating that any entity qualifying as an additional insured on the insurance stated in the Schedule of Underlying Insurance shall be an Additional Insured on the Umbrella/Excess liability policy and that they apply immediately upon exhaustion of the insurance stated in the Schedule of Underlying Insurance as respects to the coverage afforded to any Additional Insured.
1.5 All Risk Property Insurance providing replacement cost coverage for any property damage to Licensee’s property which is caused by a loss of any kind and description to any property brought onto Cornell University premises. The University is NOT responsible for any equipment or property that is lost, stolen, damage, or left behind by the Licensee and or its subcontractor.
1.6 Professional/Errors & Omission Liability (if applicable) subject to $1,000,000 per claim/$3,000,000 aggregate for professional services. The coverage must be maintained during the term of the agreement and at least three (3) years following its completion.
1.7 Licensees who conduct programs/events involving minors must evidence Sexual Abuse and Molestation coverage in an amount no less than $2,000,000 per occurrence is required and the coverage shall NOT include an employee exclusion. However prior approval from the Office of Risk Management and Insurance is required.
Approval from the Risk Management office is required prior to the execution of the agreement. Please review the Cornell’s Minors policy and procedures (http://www.risk.cornell.edu/youth-programs/) for more information.
The above requirements shall apply equally to any subcontractor engaged by the Licensee.
All policies required to be maintained shall be issued by an insurance company licensed or authorized to do business in New York State with a rating of A- VII or better by A.M. Best.
Cornell University, its trustees, officers, directors, agents, representatives and employees, The City of New York, and New York City Land Development Corporation are to be added to the liability policies by endorsement and evidence of such will be provided in the Certificate of Insurance. Further each policy shall contain provisions giving Cornell at least 30 days written (10 days in the case of non-payment) notice of cancellation, non-renewal or other change in coverage.
Insurance coverage in the minimum amounts shall not relieve Licensee or any of its subcontractor of any liability, nor shall it preclude Cornell from exercising any rights or taking such other actions as are available to it under the law.
The University reserves the right to require additional coverage or to increase limits depending upon the scope of work or as the use of the premise changes. The size and scope of work and the potential risk exposures involved will dictate the minimum insurance requirements. Cornell’s standard requirements are divided into different risk levels ranging from special events to construction project. Please contact the Risk Management office to ensure the appropriate insurance requirements is been utilized.
Certificates of Insurance for all policies must be received by Cornell Tech – 2 West Loop Road, New York, NY 10044, prior to the commencement of any work or event taking place on the campus.
- Confirmations for the space(s) will be sent within 72 hours of the approval of the event and booking of requested spaces.
- Once an event is confirmed a follow up form will be sent to the client to complete and submit with required set up details, room, IT, security etc.
- Logistical details should be discussed/submitted no later than 14 days prior to the date of the event to ensure appropriate scheduling of (facilities, security, IT and administrative) staff.
- Confirmations for all requested services will be sent within 72 hours of making arrangements with appropriate service providers.
- Any changes to existing catering, IT, AV or room set up orders can be made no later than 3 business days prior to the date of the event.
- All events must be conducted in the manner stipulated in the quote. No changes or additions can be made in the contract unless confirmed in writing with the Cornell Tech Event Manager before the start of the event in question.
Rental Fees and Associated Costs
- Clients are responsible for all room usage fees, building fees, and any other fees associated with the reservation of space and the services rendered therein.
- Rental fees include space rental, setup and breakdown, security, and audio visual costs. Space rental fees are based upon location and event needs.
- The client is responsible for the costs related to additional services such as decorations, hospitality support, catering, and publicity.
- Cornell Tech has an exclusive on campus caterer, Constellation Culinary Group, who must be used for all catering on campus.
- Depending on the event details, it may be necessary for clients to rent furniture and cover necessary delivery and set-up charges.
Transferring a Reservation
No client may transfer a reservation to another client, nor may space reserved for an approved program be used for another purpose. Such violations of the policies may result in the loss of current and future reservations, the loss of reservation privileges, as well as an assessment of fees. Violators of this policy may have their space booking privileges revoked.
Deposits and Payments
- Sales tax of 8.875% will be charged to applicable clients.
- For all clients a deposit of 20% of the total estimated quote is required upon receipt of contract. The deposit will be applied in full towards the total event costs and is nonrefundable.
- An additional 30% of total estimated fees is due 30 days prior to the day of the event. This payment is nonrefundable.
- Within 10 business days after the event, an invoice with the outstanding balance will be sent to the client. The final invoice will reflect any adjustments made after the quote was sent. Client will receive a separate invoice from Constellation Culinary Group.
- Remit payment within 15 days of receiving the final invoice. For Cornell Tech/ Cornell University events, budget transfers will be processed to the Cornell 7-digit account code. For not for profit or for profit clients a check must be made out to Cornell University. Wire transfers are accepted as well.
- Cancellations must be made in writing at least thirty (30) days prior to the event.
- Events canceled within 30 days of the event will be charged a prorated cancellations fee based on the remaining amount due.
- In the event that no cancellation notice is received, the client will be charged 100% of the space fees incurred plus any expenses already expended by Cornell Tech in preparation for the event.