Laserfiche WebLink
5) Self -Insured Retentions- Self -insured retentions must be declared to and <br />approved by the City. The City may require the Consultant to purchase <br />coverage with a lower retention or provide proof of ability to pay losses and <br />related investigations, claim administration, and defense expenses within <br />the retention. The policy language shall provide, or be endorsed to provide, <br />that the self -insured retention may be satisfied by either the named insured <br />or City. <br />6) Acceptability of Insurers- Insurance is to be placed with insurers <br />authorized to conduct business in the state with a current A.M. Best's rating <br />of no less than ANII, unless otherwise acceptable to the City. <br />7) Claims Made Policies- If any of the required policies provide coverage on <br />a claims -made basis: <br />a. The Retroactive Date must be shown and must be before the date of <br />the contract or the beginning of contract work. <br />b. Insurance must be maintained and evidence of insurance must be <br />provided for at least five (5) years after completion of the contract <br />of work. <br />c. If coverage is canceled or non -renewed, and not replaced with <br />another claims -made policyform with a Retroactive Date prior to the <br />contract effective date, the Consultant must purchase "extended <br />reporting" coverage for a minimum of five (5) years after <br />completion of contract work. <br />8) Verification of Coverage- Consultant shall furnish the City with original <br />Certificates of Insurance including all required amendatory endorsements <br />(or copies of the applicable policy language effecting coverage requiredby <br />this clause) and a copy of the Declarations and Endorsement Page of the <br />CGL policy listing allpolicy endorsements to City before work begins. <br />However, failure to obtain the required documents prior to the work <br />beginning shall not waive the Consultant's obligation to provide them.The <br />City reserves the right to require complete, certified copies of all required <br />insurance policies,including endorsements required by these specifications, <br />at any time. <br />9) Subcontractors- Consultant shall require and verify that all subcontractors <br />maintain insurance meeting all the requirements stated herein, and <br />Contractor shall ensure that City is an additional insured on insurance <br />required from subcontractors. <br />10) Special Risks or Circumstances- City reserves the right to modify these <br />requirements, including limits, based on the nature of the risk, prior <br />experience, insurer, coverage, or other special circumstances. <br />Page 4 of 9 <br />