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The Port has established a separate Risk Management
Department, reporting to the CFO , which is currently staffed
by four professionals. Risk Management administers the Port's Owner
Controlled Insurance Program (OCIP) and Professional Liability Insurance Program (PLIP). . The Port imposes certain insurance
requirements on Port tenants, vendors and contractors. Port policy
generally requires that each agreement, with an entity doing business
with the Port, contain provisions to defend and indemnify the Port
from losses arising out of that entity's activities and/or products,
and to maintain specified levels of insurance coverage as a financial
guarantee.
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