LICENSEAGREEMENTFOR AUTOMATEDTELLERMACHINES
This Agreementismadeandentered intoonthe dayof ____, 20_____,byand between BoiseStateUniversity(“University”) and[ ](“Licensee”).
WITNESSETH:
WHEREAS,theLicenseeparticipates, orwillparticipate in,various automated teller machine (“ATM”) networks (“ATM Networks”), inwhichCardholders oftheLicenseeand otherdepository financialinstitutionsparticipating insuchATMNetworksmayperformfinancial transactionsthatarepermittedfromtimetotime;and
WHEREAS,thepartiesdesiretoenterintoanagreementforthe provisionof ATMfinancial services onthe University’s campus at locations (the “ATM Sites”) identified in Exhibit A(the“Premises”).
NOW,THEREFORE,UniversityandLicenseeagreeasfollows:
ARTICLEI
TERMINALINSTALLATIONANDOPERATION
Section1.1.Installation andMaintenance.
(a)Licenseeshallinstallafinancialtransactioncard(asdefined below)activated cashdispenserorATMthatwillperformvariousLicenseefunctions(the “Terminal”) andalsoinstallalltelephonelinesnecessary forcommunicationsand continuedoperation oftheTerminal. TheTerminalwillbelocatedonthePremises inaposition ofhighvisibility andsitelocationagreed upon by University andLicensee (the “ATM Site”). The Terminalwillbeinstalled inthePremises assoonaspracticable. Licensee shall not modify or affix the Terminal to University property without the expressed written permission of the University.
(b)Licenseeshall,atitscost,maintain theTerminal ingoodoperatingorderandcondition,and arrange forallnecessary repairsneededfromtimetotimetokeepsuchTerminal operational.
(c) University will allow Licensee (including its agents, employees, and independentcontractors)freeandfullaccesstothePremisesduringnonbusiness hoursandatsuchothertimesconsented tobyUniversity toinstallandservice theTerminalandallnecessarytelephoneandutilitylinesasprovidedherein,andto service,makerepairs, alterations,modifications, orattachmentstotheTerminal. Universitywillprepare theATM site fortheTerminal installation byremovingall physicalobstructionstosuchinstallation.
Section1.2. Equipment.Licenseemaymakesuchadditionsto,modificationsto,or replacementsoftheTerminaloranyotherelementoftheTerminalasitmay,fromtimetotime,in itsdiscretiondeemdesirableto providecontinued,expanded,restricted,orotherwisealteredservicetothepublic;provided,however,thattheobligationsanddutiesofUniversitywillnotbe materiallyincreasedwithoutitsconsent.
Section1.3. LicenseeIdentification. Onthe Terminalandinitsproximity, Licenseemayuseitslogo,servicemarks,andotherappropriateidentifyingsigns.Licenseemay, atitsexpense,identifyitsserviceswithinthe interiorofthebuildingonthePremises housingtheATM Site. Allsignsshallbe subjecttowrittenapprovalbyUniversitypriortoinstallationthereof (whichapprovalshallnot beunreasonablywithheld).Universityacknowledgesthatalllogos, servicemarksandotheridentifyingsignsinstalledonthePremisesbyLicenseeareand shall remaintheexclusiveproperty ofLicensee.
Section1.4. Sharing. LicenseemaysharetheuseofitsTerminalwithany Network Participantorotherfinancialinstitution(s)andshallhavesolediscretionastowhichinstitutions,ifany,itshallsosharewith,andshallbefreetoincreaseordecrease thenumberofsuchsharinginstitutions,ifany.
Section1.5. License. Universitydoesherebygrant to Licensee an irrevocable, non-exclusive right to use ofa reasonableamountofspaceupon thePremises,attheATM Sitemutuallyagreeduponbythepartieshereto, fortheinstallation, operation,andlocationoftheTerminal, includingaccess to any necessarytelecommunicationsorelectricalcablesusedinoperatingtheTerminal. Additionally,Universitygrants toLicenseeanirrevocable,non-exclusiverightofingressandegresstoandfromtheTerminal andATMSiteonthePremises during the term of this Agreement. Aslongas Licenseeperformsandobservesallprovisionsof thisAgreement,Licenseeshallquietly enjoytheATMSitesubjecttothetermsofthis Agreementandanyotherencumbrances or obligations associated withthePremises.
Section1.6. OperatingPermits. Licensee,atitsownexpense,willapplyforall permits which are or may be requiredbygovernmentalorregulatoryauthoritiesfortheinstallationoroperationofthe Terminalonthe ATMSite.TheobligationsofLicenseeunderthisAgreementshallbesubject toandconditioneduponLicensee’sabilitytoobtainallrequisiteapproval,ifany,forthe establishment, location,andoperationoftheTerminalintheATMSitefromapplicablefederal and/orstateregulatoryagencies,andtoobtainanystate,city,orcountyzoningand/orbuilding permitsnecessarytoconstructandinstalltheTerminal.
Section1.7. LicensePayments. In consideration for the use of the Premises, Licensee shall pay University Base Rent, Utility Charges, and Variable Rent set forth in Exhibit B.
Section1.8. Taxes. Universitywillpayallrealpropertytaxesandassessmentswith respecttothePremisesandATMSite, to the extent that any are due or may become due,but Licenseewillpayanytaxesspecificallyleviedor assessedwithrespecttotheTerminal anditsoperation.
Section1.9. Vandalism. Universityshalluseitsbestand reasonable effortstoprovideasafeand secure environmentfortheATMSite;providedtheUniversityshallonlybeliableforthe gross negligenceorwillfulmisconductofitsemployeesoragents. Licensee agrees and acknowledges herein that University has no duty under this agreement to provide security guards, security systems or any other security services for the ATM Sites or the Premises.
Section1.10. DamagetoATMTerminal. IftheATMTerminalisdamagedordestroyed inwholeor inpartbyfireorothercasualtynotcausedbyLicensee,itsemployeesand/oragents, soasto depriveLicenseeofuseofthesame,andifsuchdamageordestructioncanberepaired andrestoredtothesameconditionexistingpriortosuchdamageordestructionwithinthirty(30) days,UniversityshallproceedwithduediligencetosorestoreandrepairtheATMTerminal. Intheeventsuchdamage ordestructioncannotbeor isnotrepairedwithinthirty(30)days,LicenseeandUniversityshalleachhavetherightto terminate this Agreement and discontinue the relationship herein established with regard to the ATM Terminal so affected. Nothing herein shall impose an obligation upon the University to restore or repair the ATM Terminal in a manner to include replacement of the currency which may have been damaged or destroyed by the fire or other casualty.
Section1.11. RighttoRelocate. Thepartiesagreethatif,atanytimeduringthetermof thisAgreement,UniversitydesirestorelocatetheATMSiteforanyreasonrelatedtoany business or operational need, or remodelingofUniversity’s businesslocationinwhichtheATMSiteislocated,upongiving Licenseesixty(60)dayspriorwrittennotice,theATMSiteshallberelocatedtoanew, mutually agreed uponlocation.Insuchevent, LicenseeshallrelocateitsTerminaltothenewATMSite,andallother costs,includingphonelinerelocationandtesting,shallbepaidbyUniversity.
Section1.12. Security. LicenseeshallassurethattheTerminalhasbeen manufacturedandwilloperateincompliancewithallapplicablemanufacturing specificationsforphysicalandelectronic securityforsuchTerminal.
Section 1.13. Advertising.
(a) Licensee shall not advertise nor promote any connection with the University or use any identifying marks or property nor make representation, either expressed or implied, as the University’s promotion or endorsement of the Licensee unless they have received prior written consent from the University. No University branding shall appear on ATMs.
(b) Any signage for the ATMs is subject to prior approval by the University. The University desires the ATMs to be successful and will work with the Licensee to implement an attractive signage plan.
(c) Universityshallusereasonableeffortsto enable and facilitatetheuseofsuch TerminalestablishedpursuanttothisAgreement. Universitymay,atitsexpense, advertise theexistence andlocationoftheTerminal established pursuantheretoin suchmediaandsuchmannerasitdeemsappropriate.
(d)Anyjointadvertising must be agreed uponin writing, including the method by whichtosharecosts.
Section1.14. Third PartyService Providers. TheLicenseemay contract withoneormorethirdpartiesforperformance,inwholeorinpart,oftheLicensee’soperationalandsupportserviceobligationsarisingunderorinconnectionwiththisAgreement.
ARTICLEII
LESSOR'SOBLIGATIONSANDRIGHTS
Section2.1. Promoting LicenseeServices. UniversitywillallowLicenseetodemonstratefromtimetotimeontheUniversity’sPremisestheuseoftheTerminalandassist andinstructthegeneralpublicinoperatingtheTerminal. LicenseeshallnotifyUniversityinwritingofanyscheduled demonstrationperiod.
Section 2.2. University’sRemodeling. Allremodelingandanyotherincidental constructioninanyareaofthePremisesundertakenuponUniversity’swritten instructionshall beperformedbyUniversityatitsexpense. Totheextent any remodeling or any other incidental construction isperformedbyLicensee upon University’s written instruction,UniversitywillreimburseLicenseeforallsuchremodeling orincidental constructionexpenses.
Section 2.3. Utilities. UniversityshallnotbeliabletoLicenseeforany interruptionsormalfunctionsinutilityserviceswhensuchinterruptionsormalfunctionsarewholly duetoconditions beyondthecontrolofUniversity.
Section2.4. Licensee Property. UniversityacknowledgesthattheTerminal furnishedbyLicenseeisandshallremaintheexclusivepersonalpropertyofLicensee,and shallnotbeconsideredafixturenorotherwisepermanentlyattachedoraffixedtothePremisesor ATMSite. Universityshallnotpermitanylienorotherencumbrance ofanykindtoattachto theTerminal onbehalfofanycreditororlienholderofUniversity.
Section2.5. Public Access toTerminal. University shall notobstruct orimpair CardholderaccesstotheTerminalorknowingly take any action to alterpedestriantrafficflowpatternsinsuchawayastomake theTerminal lessconvenient toCardholders desiringtoutilizesuchTerminal.
ARTICLEIII DURATION AND TERMINATION
Section3.1. Duration. ThisAgreementshallremaininfullforceandeffectforaperiod of12 months fromthedatehereof;provided,each partyshallhavetheoptiontoterminatethis Licenseuponthirty(30)dayspriorwrittennotice to the other party. In theevent Licensee remains following any termination of this Agreement, Licensee shall be a tenant from month to month, subject to all terms and conditions of this Agreementuntilanewagreement inwritingisenteredinto betweentheparties.
Section3.2.Termination. This Agreement may be terminated in accordance with the provisions of the Request for Proposal, RFP #LF14167 Automatic Teller Machine (ATM) Services (the “RFP”).
(a)Termination for Cause
The University or the Licensee may terminate the Agreement upon written notice to the other party, or upon such notice as such party, in its sole discretion, deems appropriate, if at any time: (a) the other party is in material breach of any warranty, term, condition, covenant or obligation under the Agreement; (b) judicial interpretation of federal or state laws, regulations, or rules renders fulfillment of the Agreement infeasible or impossible; (c) Licensee's license or certification required by law is suspended, not renewed, or is otherwise not in effect at the time service is provided; or (d) Licensee fails to comply with any applicable law, regulation, or rule. Upon termination for cause, the University shall be entitled to reimbursement from Licensee for losses incurred as a result of the Licensee's breach.
If a Licensee is terminated for breach of contract, Licensee shall work with University to minimize disruption of services to the University. Upon termination for breach of contract, Licensee shall provide to the University, a draft Contract Termination Transition Plan that describes how the Licensee will provide for an orderly and controlled transition of the Licensee’s responsibilities to the University or to another Licensee contracted under the resulting Agreements from this solicitation. The Licensee shall (i) return all data that is the property of the University in a reasonable format specified by the University; (ii) return all property in any form belonging to the University; and (iii) return all confidential information that may have been received from the University.
If the existence of the Licensee is terminated by bankruptcy or any other cause, all program, fiscal and other records related to a PSO shall become the property of the University, and the Licensee shall immediately deliver such records to the University Project Lead.
(b)Termination for Convenience
The University may terminate the Agreement, with or without cause, upon thirty (30) calendar days written notice to the Licensee specifying the date of termination. Upon termination, Licensee shall: (a) promptly discontinue all work, unless the termination notice directs otherwise; (b) promptly return to the University any property provided by the University pursuant to the Scope of Work; and, (c) deliver or otherwise make available to the University all developed software, data, reports, estimates, summaries and such other information and materials as may have been accumulated by Licensee in performing the Scope of Work, whether completed or in process. Upon termination, the University may take over the services and may award another party to complete the services per the Scope of Work.
Section3.3. Removalofterminal andSigns. Uponexpirationorearlierterminationof this Agreement, Licenseeshall, at itsexpense, remove theTerminal and allsignage. In connectionwithanyremoval oftheTerminal atanytime,Licenseeshallnotberequiredto restoreanyconditionwhichexistedpriorto theinstallationofapplicablesignsorTerminalortodoanyremodelingwork. UniversitywillprovideLicenseereasonableaccesstothePremises andATMSitetoperformitsobligations pursuanttothisSection.
ARTICLEIV
INDEMNITIES
Section 4.1. IndemnificationbyLicensee. Licenseeshallindemnify andhold Universityharmlessfromanddefenditagainstanyandall claims,liabilities,obligations,losses, damages, actions,judgments,suits,costs,expenses(including reasonable attorneys’ fees)that(a) ariseoutoforresultfrom(i)anynegligent orwillfulactoromission ofLicensee,itsagents, employees,orindependent contractorsintheinstallationof theTerminaloranysignorpromotional materialor(ii)anyfinanciallosstoaCardholder’sAccount;and(b)arenotcausedbytheresultof anynegligent orwillfulactoromissionofUniversity,itsagents, independent contractors, oremployees. Ifany actionorclaimisbroughtagainstUniversityforwhichindemnificationisavailablepursuantto theprecedingsentence, theUniversityshall notifyLicensee inwriting within ten(10)calendar daysafterbecomingawareofsuchactionorclaimandshalltenderthedefensethereofto Licensee. IfLicenseeelectstoacceptsuchtenderofdefense,Licenseeshalldiligently pursuesuchdefensewithcompetentcounsel,keepUniversityinformedoftheprogressofsuch defense,andatUniversity’srequest,providereasonableassurancesofLicensee’sabilityto paysuchclaim.
Section4.2. IndemnitybyUniversity. To the extent permitted by Idaho law, UniversityshallindemnifyandholdLicensee harmlessfrom and defend itagainst any and allclaims, liabilities, obligations, losses, damages,actions,judgments, suits,costs,expenses(including reasonable attorneys’fees)that(a) ariseoutoforresultfromanynegligentorwillfulactoromissionofUniversity,itsagents, employees,orindependentcontractors in theperformanceofitsobligations hereunderand(b)arenotcausedbyortheresultofanynegligentorwillfulactoromissionofLicensee,itsagents,independent contractors, oremployees. Ifanyactionorclaimisbroughtagainst Licenseeforwhichindemnificationisavailablepursuanttotheprecedingsentence,theLicenseeshallnotifyUniversityinwritingwithinten(10)calendardaysafterbecomingawareof suchactionorclaimandshalltenderthedefensethereoftoUniversity. IfUniversityelects toacceptsuchtenderofdefense,Universityshalldiligentlypursuesuchdefensewithcompetent counsel,keepLicenseeinformedof theprogressofsuchdefense,andatLicensee’srequest, providereasonable assurancesofUniversity’sabilitytopaysuchclaim. Nothing herein shall be deemed to constitute a waiver of any privilege, immunity, protection, or defense afforded University, as an entity of the State of Idaho, under the Idaho Constitution, the Idaho Tort Claims Act, or any other applicable state or federal law.
ARTICLE V
GENERAL TERMS
Section5.1. Representations. UniversityandLicensee each represents and warrantsthat(a)itisdulyorganized, validlyexisting,andingoodstandinginthestateinwhichit isorganized;(b)ithasthepowerandauthoritytoconductitsbusinessascurrently conducted;(c) itisqualified todobusinessineveryjurisdictionwheresuchqualificationisnecessarytocarryout itsobligationsunderthisAgreement;(d)ithasthepowertoexecute,deliver,andperformthis Agreement;(e)theexecution,deliveryandperformanceofthisAgreementbyithasbeenduly authorizedbyallnecessarycorporateactionandwillnotviolateorbreachanyorganizational document orotheragreementorinstrumentofsuchparty;and(f)thisAgreementconstitutesalegal, valid,andbindingobligationofsuchpartyenforceableinaccordancewithitsterms.
Section5.2. LimitationofLiability. Licensee agrees and acknowledges that University shall not be liable under any circumstances for any loss of or injury to property, or injury to or interference with Licensee’s business including, without limitation, loss of profits or consequential damages however occurring and including, but not limited to, those occurring through or in connection with or incidental to (i) any failure to supply any access, utilities, or any other service which University has agreed to provide or may provide, (ii) any surges or interruptions in electricity, (iii) the failure of or interruptions in services of any telephone or telecommunications lines, wires, cables or any service or ATM, whether or not caused by any negligence of University or by University’s installation of, maintenance of, or failure to maintain any of the foregoing, and (iv) any breaches of security of the ATMs or Licensee’s business operations. Licensee further agrees and acknowledges that in no event shall University be liable or responsible to Licensee with respect to any such claims.
INNOEVENTSHALLLICENSEEOR UNIVERSITYBELIABLEFORCONSEQUENTIALORSPECIALDAMAGESARISINGFROM THIS AGREEMENT OR ITSPERFORMANCEOFTHEIRRESPECTIVEOBLIGATIONS HEREUNDER. THEPROVISIONSHEREOF ARE INLIEUOFALLWARRANTIES, EXPRESSEDORIMPLIEDORWHETHEROFMERCHANTABILITY,FITNESS, OR OTHERWISE.
Section 5.3 University’s Insurance: BSU shall procure and maintain during the Term building insurance, however such insurance does not cover Licensee’s loss, including the loss or damage to the Terminal or personal property
Section 5.4 Licensee’s Insurance: See attached Exhibit C for Licensee Insurance Requirements
Section 5.5. WaiverofSubrogation. Eachpartyheretoonbehalfofitselfandallpersons claimingunderorthroughit,herebywaivesallrightsofrecoveryandcausesofactionagainstthe otherpartyandsuchotherparty'semployees,agents,andindependent contractorswithrespectto lossordamagetoitsproperty,realorpersonal,totheextentthelossordamageiscoveredby insurancecarriedbythatparty,oritsemployees,agents,orindependentcontractors.Theforegoing waivershallbeeffectiveonlyto theextentoftheparty'sinsurancecoverageandshallbenulland voidineachcircumstancewhereitwouldinvalidateanypartyoftheparty'sinsurance.
Section5.6. Amendments;Waivers.ThisAgreementembodiestheentireagreementand understandingbetweenthepartiesheretoandsupersedesallprioragreementsandunderstandings relatingtothesubjectmatterhereof.NoamendmenttoormodificationofthisAgreementshallbe effectiveunlessinwritingandsignedbyUniversityandLicensee. Nowaiverofanyterm orprovision ofthisAgreementbyLicenseeorUniversityshallbeeffectiveunlessinwriting andsignedbythepartywaivingthebenefitofsuchtermorprovision.
Section5.7. Notices. Allnoticeshereundershallbein writingandshallbe mailedfirst class,postageprepaid:(i)iftoLicensee,at[ ](ii)iftoUniversity, at1910UniversityDrive,Boise,Idaho83725,Attention:Real Estate Services,ineach case,tosuchotheraddressasmaybefurnishedinwriting totheother.
Section5.8. Severability. Ifanycourtofcompetentjurisdictiondeterminesthatanypart orallofanyprovisionofthisAgreementisinvalidorunenforceable,suchinvalidity or unenforceabilityshallnotaffectthebalanceofsuchprovisionorthisAgreement,whichshallremain infullforceandeffect.
Section5.89. BindingEffect. ThisAgreementshallbebindinguponandinuretothe benefitofthepartieshereto,theirrespectivesuccessorsandassigns. ThisAgreementshallbe performed, construed,andenforcedinaccordancewiththelawsofthestateinwhichtheLicenseemaintainsitsprincipaloffice.
Section5.10.Survival. TheobligationsofthepartiespursuanttoSections1.9,1.11,1.12,
3.3,4.1,and4.2hereofshallsurvivetheterminationofthisAgreementwithrespecttotheTerminal.
Section5.11.ThirdPartyBeneficiaries. NothinginthisAgreementshallbedeemedor interpretedtocreateanyrightinanypersonorentitynotaparty tothisAgreement.
Section 5.12 Order of Preference. This agreement consists of the following documents, each of which is fully incorporated herein by this reference as though set forth in full herein. In the event of any conflict or inconsistency arising in the following documents, precedence is established by the order of the following documents, the lower numbered document shall supersede a higher numbered document to the extent necessary to resolve any such conflict or inconsistency.
- This Agreement
- The RFP
- Licensee’s response to the RFP
INWITNESSWHEREOF,thepartiesheretohavecausedthisAgreementtobeexecuted on thedateandattheplacefirstwrittenabove.
BOISE STATEUNIVERSITY
By_
Title______
By
Title______
Exhibit A: Location
Exhibit B: License Payments
Exhibit C: Licensee Insurance Requirements
1.1.The Contractor and its subcontractors are required to carry the types and limits ofinsurance shown in this Request, and to provide Boise State University (“Certificate Holder”) with a Certificate of Insurance within ten (10) days of the signing of this Contract.
1.1.1 Certificate Holder shall read:
State of Idaho and Boise State University
Attn: Risk Management
1910 University Drive
Boise, Idaho 83725-1245
1.1.2 All certificates shall provide for thirty (30) days’ written notice to Certificate Holder prior to cancellation or material change of any insurance referred to in the certificate.
1.1.3 All insurers shall have a Best’s rating of A- or better and be licensed and admitted in Idaho.
1.1.4 All policies required shall be written as primary policies and not contributing to nor in excess of any coverage Certificate Holder may choose to maintain.
1.1.5 All policies (except Workers Compensation and Professional Liability) shall name the following as Additional Insured: State of Idaho and Boise State University.
1.1.6 Failure of Certificate Holder to demand a certificate or other evidence of full compliance with these insurance requirements or failure of Certificate Holder to identify a deficiency from evidence that is provided shall not be construed as a waiver of Contractor’s obligation to maintain such insurance.
1.1.7 Failure to maintain the required insurance may result in termination of this contract at the Certificate Holder’s option.
1.1.8 By requiring this insurance, Certificate Holder does not represent that coverage and limits will necessarily be adequate to protect Contractor, and such coverage and limits shall not be deemed as a limitation on Contractor’s liability under the terms of the grant or contract.
Required Insurance Coverage. Contractor shall obtain insurance of the types and in the amounts described below.
1.1.9 Commercial General and Umbrella Liability Insurance. Contractor shall maintain commercial general liability (CGL) and, if necessary, commercial umbrella insurance with a limit of not less than $1,000,000 each occurrence and $2,000,000 in the aggregate. If such CGL insurance contains a general aggregate limit, it shall apply separately by location and shall not be less than $2,000,000. CGL insurance shall be written on standard ISO occurrence form (or a substitute form providing equivalent coverage) and shall cover liability arising from premises, operations, independent contractors, products-completed operations, personal injury and advertising injury, and liability assumed under an insured contract including the tort liability of another assumed in a business contract. Waiver of subrogation language shall be included. If necessary to provide the required limits, the Commercial General Liability policy’s limits may be layered with a Commercial Umbrella or Excess Liability policy. All insurers shall have a Best’s rating of A- or better and be licensed and admitted in Idaho.
1.1.10 Commercial Auto Insurance. Contractor shall maintain a Commercial Automobile Policy with a Combined Single Limit of not less than $1,000,000; Underinsured and Uninsured Motorists limit of not less than $1,000,000; Comprehensive; Collision; and a Medical Payments limit of not less than $5,000. Coverage shall include Non-Owned and Hired Car coverage. Waiver of subrogation language shall be included. All insurers shall have a Best’s rating of A- or better and be licensed and admitted in Idaho.
1.1.11 Business Personal Property and/or Personal Property. Contractor shall purchase insurance to cover Insured's personal property. In no event shall Certificate Holder be liable for any damage to or loss of personal property sustained by Insured, whether or not insured, even if such loss is caused by the negligence of Certificate Holder, its employees, officers or agents.
1.1.12 Workers’ Compensation. Where required by law, Contractor shall maintain all statutorily required Workers Compensation coverages. Coverage shall include Employer’s Liability, at minimum limits of $100,000 / $500,000 / $100,000. All insurers shall have a Best’s rating of A- or better and be licensed and admitted in Idaho.
1.1.13 Professional Liability. If professional services are supplied to the University, Contractor shall maintain Professional Liability (Errors & Omissions) insurance on a claims made basis, covering claims made during the policy period and reported within three years of the date of occurrence. Limits of liability shall be not less than one million dollars ($1,000,000). All insurers shall have a Best’s rating of A- or better and be licensed and admitted in Idaho.