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HomeMy WebLinkAboutG & G Performance BondCm OF SEAT, HOME OF PELICAN ISLAND 1225 Main Street Sebasban,FL 32958 (772)388-8215 Phone November 2, 2017 James C. Griffith G & C Fab -Con, LLC 5 Foster Lane Flemington, NJ 005522 RE: Release of Payment & Performance Bonds for Construction of the Sebastian Cemetery Columbarium Niches—Bond # ES00000349 Dear Mr. Griffith I am releasing payment and performance bonds # ES00000349 issued by The Raffuel Surety Group in the amount of $99,300.00 to the City of Sebastian for the Construction of the Sebastian Cemetery Columbarium Niches Sincerely, eanette Williams MMC City Clerk Attachment: Original Bonds # ES00000349 PERFORMANCE BOND ES00000349 CONTRACTOR: (Name, legal status and address) G & C Fab -Con, LLC 5 Foster Lane Everest Reinsurance Company Liberty Corner, NJ SURETY: (Name, legal status and principal place of business) Everest Reinsurance Company 477 Martinsville Rd. Flemington, NJ 08822 Liberty Corner, NJ 07938 OWNER: (Name, legal status and address) City of Sebastian 1225 Main Street Sebastian, FL 32958 CONSTRUCTION CONTRACT Date: Amount: Ninety Nine Thousand Three Hundred and 00/100 Dollars ($99,300.00) Description: (Name and location) Cemetery Columbarium Niches Sebastian, Florida BOND Date: May 5, 2017 (Not earlier than Construction Contract Date) Amount: Ninety Nine Thousand Three Hundred and 00/100 Dollars (599,300.00) Modifications to this Bond: None rI See Section 16 CONTRACTORAS PRINCIPAL SURETY Company: / (Corporate Seal) Company: (Corporate Seal) G & C Fab -Con, LLC Everest Reinsuranc Signature: - \Si Signs t"d Name Ti : James C Griffith, President Name and Title: §"n G (fuel, A a -Fut (Any additional signatures appear on the last page of this Performance Bond) (FOR INFORMATION ONLY— Name, address and telephone) — AGENT or BROKER: OWNER'S REPRESENTATIVE: The Hal l Surety Group (Architect, Engineer or other party:) 20 Nassau St., Suite 406 Princeton, NJ 08542 (609) 924-2426 § 1 The Contractor and Surety, jointly and severally, bind themselves, their heirs, executors, administrators, successors and assigns to the Owner for the performance of the Construction Contract, which is incorporated herein by reference. § 2 If the Contractor performs the Construction Contract, the Surety and the Contractor shall have no obligation under this Bond, except when applicable to participate in a conference as provided in Section 3. § 3 If there is no Owner Default under the Concoction Contract, the Surety's obligation under this Bond shall arise after .1 the Owner first provides notice to the Contractor and the Surety that the Owner is considering declaring a Contractor Default Such notice shall indicate whether the Owner is requesting a conference among the Owner, Contractor and Surety to discuss the Contractor's performance. If the Owner does not request a conference, the Surety may, within five (5) business days after receipt of the Owner's notice, request such a conference. If the Surety timely requests a conference, the Owner shall attend. Unless the Owner agrees otherwise, any conference requested under this Section 3.1 shall be held within ten (10) business days of the Surety's receipt of the The Company executing this bond vouches that this document conforms to American Institute of Architects Document A312,2010 edition I Owner's notice. If the Owner, the Contractor and the Surety agree, the Contractor shall be allowed a reasonable time to perform the Construction Contract, but such an agreement shall not waive the Owner's right, if any, subsequently to declare a Contractor Default; .2 the Owner declares a Contractor Default, terminates the Construction Contract and notifies the Surety; and .3 the Owner has agreed to pay the Balance of the Contract Price in accordance with the terms of the Construction Contract to the Surety or to a contractor selected to perform the Construction Contract § 4 Failure on the part of the Owner to comply with the notice requirement in Section 3.1 shall not constitute a failure to comply with a condition precedent to the Surety's obligations, or release the Surety from its obligations, except to the extent the Surety demonstrates actual prejudice. § 5 When the Owner has satisfied the conditions of Section 3, the Surety shall promptly and at the Surety's expense take one of the following actions: § 5.1 Arrange for the Contractor, with the consent of the Owner, to perform and complete the Construction Contract; § 5.2 Undertake to perform and complete the Construction Contract itself, through its agents or independent contractors; § 5.3 Obtain bids or negotiated proposals from qualified contractors acceptable to the Owner for a contract for performance and completion of the Construction Contract, arrange for a contract to be prepared for execution by the Owner and a contractor selected with the Owner's concurrence, to be secured with performance and payment bonds executed by a qualified surety equivalent to the bonds issued on the Construction Contract, and pay to the Owner the amount of damages as described in Section 7 in excess of the Balance of the Contract Price incurred by the Owner as a result of the Contractor Default; or § 5.4 Waive its right to perform and complete, arrange for completion, or obtain a new contractor and with reasonable promptness under the circumstances: .1 After investigation, determine the amount for which it may be liable to the Owner and, as soon as practicable after the amount is determined, make payment to the Owner; or .2 Deny liability in whole or in part and notify the Owner, citing the reasons for denial. § 6 If the Surety does not proceed as provided in Section 5 with reasonable promptness, the Surety shall be deemed to be in default on this Bond seven days after receipt of an additional written notice from the Owner to the Surety demanding that the Surety perform its obligations under this Bond, and the Owner shall be entitled to enforce any remedy available to the Owner. If the Surety proceeds as provided in Section 5.4, and the Owner refuses the payment or the Surety has denied liability, in whole or in part, without further notice the Owner shall be entitled to enforce any remedy available to the Owner. § 7 If the Surety elects to act under Section 5.1, 5.2 or 5.3, then the responsibilities of the Surety to the Owner shall not be greater than those of the Contractor under the Construction Contract, and the responsibilities of the Owner to the Surety shall not be greater than those of the Owner under the Construction Contract. Subject to the commitment by the Owner to pay the Balance of the Contract Price, the Surety is obligated, without duplication, for .1 the responsibilities of the Contractor for correction of defective work and completion of the Construction Contract; .2 additional legal, design professional and delay costs resulting from the Contractor's Default and resulting from the actions or failure to act of the Surety under Section 5; and .3 liquidated damages, or if no liquidated damages are specified in the Construction Contract, actual damages caused by delayed performance or non-performance of the Contractor. § 6 If the Surety elects to act under Section 5.1, 5.3 or 5.4, the Surety's liability is limited to the amount of this Bond. § 9 The Surety shall not be liable to the Owner or others for obligations of the Contractor that are unrelated to the Construction Contract, and the Balance of the Contract Price shall not be reduced or set off on account of any such unrelated obligations. No right of action shall accrue on this Bond to any person or entity other than the Owner or its heirs, executors, administrators, successors and assigns. § 10 The Surety hereby waives notice of any change, including changes of time, to the Construction Contract or to related subcontracts, purchase orders and other obligations. § 11 Any proceeding, legal or equitable, under this Bond may be instituted in any court of competent jurisdiction in the location in which the work or part of the work is located and shall be instituted within two years after a declaration of Contractor Default or within two years atter the Contractor ceased working or within two years after the Surety refuses or fails The Company executing this bond vouches that this document conforms to American Institute of Architects Document A312,2010 edition to perform its obligations under this Bond, whichever occurs first. If the provisions of this Paragraph are void or prohibited by law, the minimum period of limitation available to sureties as a defense in the jurisdiction of the suit shall be applicable. § 12 Notice to the Surety, the Owner or the Contractor shall be mailed or delivered to the address shown on the page on which their signature appears. § 13 When this Bond has been furnished to comply with a statutory or other legal requirement in the location where the construction was to be performed, any provision in this Bond conflicting with said statutory or legal requirement shall be deemed deleted herefrom and provisions conforming to such statutory or other legal requirement shall be deemed incorporated herein. When so furnished, the intent is that this Bond shall be construed as a statutory bond and not as a common law bond. § 14 Definitions § 14.1 Balance of the Contract Price. The total amount payable by the Owner to the Contractor under the Construction Contract atter all proper adjustments have been made, including allowance to the Contractor of any amounts received or to be received by the Owner in settlement of insurance or other claims for damages to which the Contractor is entitled, reduced by all valid and proper payments made to or on behalf of the Contractor under the Construction Contract. § 14.2 Construction Contract The agreement between the Owner and Contractor identified on the cover page, including all Contract Documents and changes made to the agreement and the Contract Documents. § 14.3 Contractor Default. Failure of the Contractor, which has not been remedied or waived, to perform or otherwise to comply with a material term of the Construction Contract § 14.4 Owner Default Failure of the Owner, which has not been remedied or waived, to pay the Contractor as required under the Construction Contract or to perform and complete or comply with the other material terms of the Construction Contract § 14.5 Contract Documents. All the documents that comprise the agreement between the Owner and Contractor. § 15 If this Bond is issued for an agreement between a Contractor and subcontractor, the term Contractor in this Bond shall be deemed to be Subcontractor and the tens Owner shall be deemed to be Contractor. § 16 Modifications to this bond are as follows: (Space is provided below for additional signatures of added parties, other than those appearing on the cover page.) CONTRACTOR AS PRINCIPAL SURETY Company: (Corporate Seal) Company: (Corporate Sea/) Signature: Name and Title: Address: Signature: Name and Title: Address: The Company executing this bond vouches that this document conforms to American institute 01 Aremrects A312,2010 edition Z7 VE R F.SC. POWER OF ATTORNEY EVEREST REINSURANCE COMPANY DELAWARE ES019R10036 KNOW ALL PERSONS BY THESE PRESENTS: That Everest Reinsurance Company, a corporation of the State of Delaware ("Company") having its principal office located at 477 Martinsville Road, Liberty Corner, New Jersey 07938, do hereby nominate, constitute, and appoint: Steven G. Raffuel, Cecelia D. Brown its true and lawful Attomey(s)-in-fact to make, execute, attest, seal and deliver for and on its behalf, as surety, and as its act and deed, where required, any and all bonds and undertakings in the nature thereof, for the penal sum of no one of which is in any event to exceed UNLIMITED, reserving for itself the full power of substitution and revocation. Such bonds and undertakings, when duly executed by the aforesaid Attomey(s)-in-fact shall be binding upon the Company as fully and to the same extent as if such bonds and undertakings were signed by the President and Secretary of the Company and sealed with its corporate seal. This Power of Attorney is granted and is signed by facsimile under and by the authority of the following Resolutions adopted by the Board of Directors of Company ("Board") on the 28th day of July 2016: RESOLVED, that the President, any Executive Vice President, and any Senior Vice President and Anthony Romano are hereby appointed by the Board as authorized to make, execute, seal and deliver for and on behalf of the Company, any and all bonds, undertakings, contracts or obligations in surety or co -surety with others and that the Secretary or any Assistant Secretary of the Company be and Met each of them hereby is authorized to attest to the execution of any such bonds, undertakings, contracts or obligations in surety or co -surety and attach thereto the corporate seal of the Company. RESOLVED, FURTHER, that the President, any Executive Vice President, and any Senior Vice President and Anthony Romano are hereby authorized to execute powers of attorney qualifying the attorney named in the given power of attorney to execute, on behalf of the Company, bonus and undertakings in surety or co -surety with others, and that the Secretary or any Assistant Secretary of the Company be, and that each of them is hereby authorized to attest the execution of any such power of attorney, and to attach thereto the corporate seal of the Company. RESOLVED, FURTHER, that the signature of such officers named in the preceding resolutions and the corporate seal of the Company may be affixed to such powers of attorney or to any certificate relating thereto by facsimile, and any such power of attorney or certificate bearing such facsimile signatures or facsimile seal shall be thereafter valid and binding upon the Company with respect to any - bond, undertaking, contract or obligation in surety or co -surety with others to which it is attached. IN WITNESS WHEREOF, Everest Reinsurance Company has caused their corporate seals to be affixed hereto, and these presents to be signed by their duly authorized officers this 28th day of July 2016. D5E Attest: Kevin Helewa, Secretary Everest Reinsurance Company 0-20�-- By: Anthony Romano, Vice President On this 28th day of July 2016, before me personally came Anthony Romano, known to me, who, being duly sworn, did execute the above instrument; that he knows the seal of said Company; that the seal affixed to the aforesaid instrument is such corporate seal and was affixed thereto; and that he executed said instrument by like order. LINDA BOISSELLE Notary Public, State of New York No 01BO6239736 Qualified in Queens County Term Expires April 25, 2019 Linda, Boisselle, Notary Public IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Company, at the Liberty Comer, this 5th day of MaV 2cL 17 ES 00 01 04 16 EVEREST REINSURANCE COMPANY STATEMENTS OF FINANCIAL CONDITION December 2015 ASSETS Bonds $ 4,758,879,245 $ 4,434,295,332 Stocks 279,147,599 229,920,031 Short-term Investments 133,755,171 285,110,099 Other invested assets 2,268,609,528 2,491,699,181 Cash and cash equivalents 217,717,016 83,378,558 Accounts receivable -premium balances 1,503,187,815 1,320,329,172 Reinsurance recoverable 709,386,205 778,618,773 Other assets 354,146,316 356,288,893 Total Assets $ 10,224,828,895 $ 9,979,640,039 LIABILITIES Loss and loss adjustment expense reserve $ 4,204,956,587 $ 4,177,403,008 Unearned premium reserve 536,374,512 581,335,453 Ceded reinsurance premium payable (net of ceding commission) 904,844,063 1,242,819,232 Reserve for commissions, taxes and other liabilities 943,532,424 767,191,387 Total Liabilities $ 6,589,707,586 $ 6,768,749,080 SURPLUS AND OTHER FUNDS Common capital stock $ 10,000,000 $ 10,000,000 Contributed Surplus 987,239,852 874,988,997 Unassigned surplus 2,637,881,457 2,225,901,962 Total capital and surplus $ 3,635,121,309 $ 3,210,890,959 Total Liabilities and Surplus $ 10,224,828,895 $ 9,979,640,039 Bonds and stocks are valued on a basis promulgated by the National Assoclation of Insurance Commissioners ; 16th day of March 2017 LORRAINE N. DAY F a NOTARY PUBLIC STATE OF NEW JERSEY COMMISSION # 2259023 MY COMMISSION EXPIRES AUG. 3, 2020 PAYMENT BOND Isi.Y1UPULRLb] CONTRACTOR: (Name, legal status and address) G & C Fab -Con, LLC 5 Foster Lane Flemington, NJ 08822 OWNER: (Name, legal status and address) City of Sebastian 1225 Main Street Everest Reinsurance Company Liberty Corner, NJ SURETY: (Name, legal status and principal place of business) Everest Reinsurance Company 477 Martinsville Rd. Liberty Corner, NJ 07938 Sebastian, FL 32958 CONSTRUCTION CONTRACT Date: Amount: Ninety Nine Thousand Three Hundred and 00/100 Dollars (599,300.00) Description: (Name and location) Cemetery Columbarium Niches Sebastian, Florida BOND Date: May 5, 2017 (Not earlier than Construction Contract Date) Amount: Ninety Nine Thousand Three Hundred and 00/100 Dollars 599,300.00) Modifications to this Bond: None F See Section 18 CONTRACTOR AS PRINCIPAL SURETY Company: (Corporate Seal) Company: �� (Corporate Seal) G & C Fab -Con, L Everest Reinsurauc C:o tpany Signature.' Signature: - Name and Ti e: James C Griffith, President Name and Title: Steven G Ra uel, Atto ey-in-F t (Any additional signatures appear on the last page of this Payment Bond.) (FOR INFORMATION ONLY— Name, address and telephone) AGENT or BROKER: OWNER'S REPRESENTATIVE: The Ralfuel Surety Group (Architect, Engineer or other party:) 20 Nassau St., Suite 406 Princeton, NJ 08542 (609)924-2426 § i The Contractor and Surety, jointly and severally, bind themselves, their heirs, executors, administrators, successors and assigns to the Owner to pay for labor, materials and equipment furnished for use in the performance of the Construction Contract, which is incorporated herein by reference, subject to the following terms. § 2 If the Contractor promptly makes payment of all sums due to Claimants, and defends, indemnifies and holds harmless the Owner from claims, demands, liens or suits by any person or entity seeking payment for labor, materials or equipment The Company executing this bond vouches that this document conforms to American Institute of Architects Document A312, 2010 edition I furnished for use in the performance of the Construction Contract, then the Surety and the Contractor shall have no obligation under this Bond. § 3 If there is no Owner Default under the Construction Contract, the Surety's obligation to the Owner under this Bond shall arise after the Owner has promptly notified the Contractor and the Surety (at the address described in Section 13) of claims, demands, liens or suits against the Owner or the Owner's property by any person or entity seeking payment for labor, materials or equipment furnished for use in the performance of the Construction Contract and tendered defense of such claims, demands, liens or suits to the Contractor and the Surety. § 4 When the Owner has satisfied the conditions in Section 3, the Surety shall promptly and at the Surety's expense defend, indemnify and hold harmless the Owner against a duly tendered claim, demand, lien or suit. § 5 The Surety's obligations to a Claimant under this Bond shall arise after the following: § 5.1 Claimants, who do not have a direct contract with the Contractor, .1 have famished a written notice of non-payment to the Contractor, stating with substantial accuracy the amount claimed and the name of the party to whom the materials were, or equipment was, famished or supplied or for whom the labor was done or performed, within ninety (90) days after having last performed labor or last furnished materials or equipment included in the Claim; and .2 have sent a Claim to the Surety (at the address described in Section 13). § 5.2 Claimants, who are employed by or have a direct contract with the Contractor, have sent a Claim to the Surety (at the address described in Section 13). § 6 If a notice of non-payment required by Section 5.1.1 is given by the Owner to the Contractor, that is sufficient to satisfy a Claimant's obligation to furnish a written notice of non-payment under Section 5.1.1. § 7 When a Claimant has satisfied the conditions of Sections 5.1 or 5.2, whichever is applicable, the Surety shall promptly and at the Surety's expense take the following actions: § 7.1 Send an answer to the Claimant, with a copy to the Owner, within sixty (60) days after receipt of the Claim, stating the amounts that are undisputed and the basis for challenging any amounts that are disputed; and f § 7.2 Pay or arrange for payment of any undisputed amounts. § 7.3 The Surety's failure to discharge its obligations under Section 7.1 or Section 7.2 shall not be deemed to constitute a waiver of defenses the Surety or Contractor may have or acquire as to a Claim, except as to undisputed amounts for which the Surety and Claimant have reached agreement. If, however, the Surety fails to discharge its obligations under Section 7.1 or Section 7.2, the Surety shall indemnify the Claimant for the reasonable attorney's fees the Claimant incurs thereafter to recover any sums found to be due and owing to the Claimant. § 8 The Surety's total obligation shall not exceed the amount of this Bond, plus the amount of reasonable attorney's fees provided under Section 7.3, and the amount of this Bond shall be credited for any payments made in good faith by the Surety. § 9 Amounts owed by the Owner to the Contractor under the Construction Contract shall be used for the performance of the Construction Contract and to satisfy claims, if any, under any construction performance bond. By the Contractor furnishing and the Owner accepting this Bond, they agree that all funds earned by the Contractor in the performance of the Construction Contract are dedicated to satisfy obligations of the Contractor and Surety under this Bond, subject to the Owner's priority to use the funds for the completion of the work. § 10 The Surety shall not be liable to the Owner, Claimants or others for obligations of the Contractor that are unrelated to the Construction Contract. The Owner shall not be liable for the payment of any costs or expenses of any Claimant under this Bond, and shall have under this Bond no obligation to make payments to, or give notice on behalf of, Claimants or otherwise have any obligations to Claimants under this Bond. § 11 The Surety hereby waives notice of any change, including changes of time, to the Construction Contract or to related subcontracts, purchase orders and other obligations. The Company executing this bond vouches that this document conforms to American Institute of Architects Document A312, 2010 , edition § 12 No suitor action shall be commenced by a Claimant under this Bond other than in a court of competent jurisdiction in the state in which the project that is the subject of the Construction Contract is located or after the expiration of one year from the date (1) on which the Claimant sent a Claim to the Surety pursuant to Section 5.1.2 or 5.2, or (2) on which the last labor or service was performed by anyone or the last materials or equipment were furnished by anyone under the Construction Contract, whichever of (1) or (2) fust occurs. If the provisions of this Paragraph are void or prohibited by law, the minimum period of limitation available to sureties as a defense in the jurisdiction of the suit shall be applicable. § 13 Notice and Claims to the Surety, the Owner or the Contractor shall be mailed or delivered to the address shown on the page on which their signature appears. Actual receipt of notice or Claims, however accomplished, shall be sufficient compliance as of the date received. § 14 When this Bond has been furnished to comply with a statutory or other legal requirement in the location where the construction was to be performed, any provision in this Bond conflicting with said statutory or legal requirement shall be deemed deleted heref om and provisions conforming to such statutory or other legal requirement shall be deemed incorporated herein. When so furnished, the intent is that this Bond shall be construed as a statutory bond and not as a common law bond. § 15 Upon request by any person or entity appearing to be a potential beneficiary of this Bond, the Contractor and Owner shall promptly famish a copy of this Bond or shall permit a copy to be made. § 16 Definitions § 16.1 Claim. A written statement by the Claimant including at a minimum: .1 the name of the Claimant; .2 the name of the person for whom the labor was done, or materials or equipment furnished; .3 a copy of the agreement or purchase order pursuant to which labor, materials or equipment was furnished for use in the performance of the Construction Contract; .4 a brief description of the labor, materials or equipment furnished; .5 the date on which the Claimant last performed labor or last furnished materials or equipment for use in the performance of the Construction Contract; .6 the total amount earned by the Claimant for labor, materials or equipment famished as of the date of the Claim; .7 the total amount of previous payments received by the Claimant; and .8 the total amount due and unpaid to the Claimant for labor, materials or equipment furnished as of the date of the Claim. § 16.2 Claimant An individual or entity having a direct contract with the Contractor or with a subcontractor of the Contractor to furnish labor, materials or equipment for use in the performance of the Construction Contract. The tens Claimant also includes any individual or entity that has rightfully asserted a claim under an applicable mechanic's lien or similar statute against the real property upon which the Project is located. The intent of this Bond shall be to include without limitation in the terms "labor, materials or equipment" that part of water, gas, power, light, heat, oil, gasoline, telephone service or rental equipment used in the Construction Contract, architectural and engineering services required for performance of the work of the Contractor and the Contractor's subcontractors, and all other items for which a mechanic's lien may be asserted in the jurisdiction where the labor, materials or equipment were furnished. § 16.3 Construction Contract. The agreement between the Owner and Contractor identified on the cover page, including all Contract Documents and all changes made to the agreement and the Contract Documents. § 16.4 Owner Default Failure of the Owner, which has not been remedied or waived, to pay the Contractor as required under the Construction Contract or to perform and complete or comply with the other material terms of the Construction Contract. § 16.5 Contract Documents. All the documents that comprise the agreement between the Owner and Contractor. § 17 if this Bond is issued for an agreement between a Contractor and subcontractor, the term Contractor in this Bond shall be deemed to be Subcontractor and the term Owner shall be deemed to be Contractor. The Company executing this bond vouches that this document conforms to American Institute of Architects Document A312, 2010 edition § 18 Modifications to this bond are as follows: (Space is provided below for additional signatures of added parties, other than those appearing on the cover page.) CONTRACTOR AS PRINCIPAL SURETY Company: (Corporate Seal) Company: (Corporate Seal) Signature: Name and Title: Address: Signature: Name and Title: Address: The Company executing this bond vouches that this document conforms to American Institute of Architects Document A312, 2010 4 edition Prw ZVE R F.S\. ES019R10037 POWER OF ATTORNEY EVEREST REINSURANCE COMPANY DELAWARE KNOW ALL PERSONS BY THESE PRESENTS: That Everest Reinsurance Company, a corporation of the State of Delaware ("Company") having its principal office located at 477 Martinsville Road, Liberty Comer, New Jersey 07938, do hereby nominate, constitute, and appoint: Steven G. Raffuel, Cecelia D. Brown its true and lawful Attorney(s)-in-fact to make, execute, attest, seal and deliver for and on its behalf, as surety, and as its act and deed, where required, any and all bonds and undertakings in the nature thereof, for the penal sum of no one of which is in any event to exceed UNLIMITED, reserving for itself the full power of substitution and revocation. Such bonds and undertakings, when duly executed by the aforesaid Attomey(s)-in-fact shall be binding upon the Company as fully and to the same extent as if such bonds and undertakings were signed by the President and Secretary of the Company and sealed with its corporate seal. This Power of Attorney is granted and is signed by facsimile under and by the authority of the following Resolutions adopted by the Board of Directors of Company ("Board") on the 28th day of July 2016: RESOLVED, that the President, any Executive Vice President and any Senior Vice President and Anthony Romano are hereby appointed by the Board as authorized to make, execute, seal and deliver for and on behalf of the Company, any and all bonds, undertakings, contracts or obligations in surety orco-surety with others and that the Secretary or any Assistant Secretary of the Company be and that each of them hereby is authorized to attest to the execution of any such bonds, undertakings, contracts or obligations in surety or co -surety and attach thereto the corporate seal of the Company. RESOLVED, FURTHER, that the President, any Executive Vice President, and any Senior Vice President and Anthony Romano are hereby authorized to execute powers of attorney qualifying the attorney named in the given power of attorney to execute, on behalf of the Company, bonds and undertakings in surety or co -surety with others, and that the Secretary or any Assistant Secretary of the Company be, and that each of them is hereby authorized to attest the execution of any such power of attorney, and to attach thereto the corporate seal of the Company. RESOLVED, FURTHER, that the signature of such officers named in the preceding resolutions and the corporate seal of the Company may be affixed to such powers of attorney or to any certificate relating thereto by facsimile, and any such power of attorney or certificate bearing such facsimile signatures or facsimile seal shall be thereafter valid and binding upon the Company with respect to any bond, undertaking, contract or obligation in surety or cosurety with others to which it is attached. IN WITNESS WHEREOF, Everest Reinsurance Company has caused their corporate seals to be affixed hereto, and these presents to be signed by their duly authorized officers this 28th day of July 2016. Everest Reinsurance Company 9y 84 to SEAL 1973 Attest: Kevin Helewa, Secretary By: Anthony Romano, Vice President On this 28th day of July 2016, before me personally came Anthony Romano, known to me, who, being duly swom, did execute the above instrument; that he knows the seal of said Company; that the seal affixed to the aforesaid instrument is such corporate seal and was affixed thereto; and that he executed said instrument by like order. LINDA 8 Notary Public, State of New York No 018062397062397 366 - - --- Qualified In Queens County Tenn Expires April 25, 2019 Linda, Boisselle, Notary Public IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Company, at the Liberty Comer, this 5th day of May 20 17. ES 00 01 04 16 ASSETS Bonds Stocks Short-term Investments Other invested assets Cash and cash equivalents Accounts receivable -premium balances Reinsurance recoverable Other assets Total Assets LIABILITIES EVEREST REINSURANCE COMPANY STATEMENTS OF FINANCIAL CONDITION December 31, 2016 2015 $ 4,758,879,245 $ 4,434,295,332 279,147,599 229,920,031 133,755,171 285,110,099 2,268,609,528 2,491,699,181 217,717,016 83,378,558 1,503,187,815 1,320,329,172 709,386,205 778,618,773 354,146,316 356,288,893 $ 10,224,828,895 $ 9,979,640,039 Loss and loss adjustment expense reserve $ 4,204,956,587 $ 4,177,403,008 Unearned premium reserve536,374,512 581,335,453 Ceded reinsurance premium payable (net of ceding commission) 904,844,063 1,242,819,232 Reserve for commissions, taxes and other liabilities 943,532,424 767,191,387 Total Liabilities $ 6,589,707,586 $ 6,768,749,080 SURPLUS AND OTHER FUNDS Common capital stock $ 10,000,000 $ 10,000,000 Contributed Surplus 987,239,852 974,988,997 Unassigned surplus 2,637,881,457 2,225,901,962 Total capital and surplus $ 3,635,121,309 $ 3,210,890,959 Total Liabilities and Surplus $ 10,224,828,895 $ 9,979,640,039 Bands and stocks are valued on a basis promulgated bythe National Ai50Clation of Insurance Commlwloners 16th day of March 2017 r LORRAINE N. DAY tt` 5 NOTARY PUBLIC STATE OF NEW JERSEY COMMISSION # 2259023 MY COMMISSION EXPIRES AUG. 3, 2020