(a) General. The recipient must meet the requirements regarding bonding described in 2 CFR 200.325. The recipient must clearly and accurately state in the contract documents the bonds and insurance requirements, including the amounts of security coverage that a bidder or offeror must provide.
(b) Accidents and catastrophic loss. The recipient must require the contractor to provide insurance against accidents and catastrophic loss to manage any risk inherent in completing the project.
[72 FR 24504, May 2, 2007, as amended at 79 FR 76060, Dec. 19, 2014]