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retention or provide proof of ability to pay losses and related investigations, claim <br />administration, and defense expenses within the retention. The policy language <br />shall provide, or be endorsed to provide, that the self -insured retention may be <br />satisfied by either the named insured or City. <br />F. Acceptability of Insurers- insurance is to be placed with insurers authorized to conduct <br />business in the state with a current A.M. Best's rating of no less than A:VII, unless <br />otherwise acceptable to the City. <br />F. Claims Made Policies (applicable only to professional liability)- if any of the required <br />policies provide claims -made coverage: <br />1) The Retroactive Date must be shown, and must be before the date of the contract <br />or the beginning of contract work. <br />2) Insurance must be maintained and evidence of insurance must be provided for at <br />least five (5) years after completion of the contract of work. <br />3) If coverage is canceled or non -renewed, and not replaced with another claims - <br />made policy form with a Retroactive Date prior to the contract effective date, <br />the Contractor must purchase "extended reporting" coverage for a minimum of five <br />(5) years after completion of work. <br />G. Verification of Coverage- Contractor shall furnish the City with original Certificates of <br />Insurance including all required amendatory endorsements (or copies of the applicable <br />policy language effecting coverage required by this clause) and a copy of the Declarations <br />and Endorsement Page of the CGL policy listing all policy endorsements to City before <br />work begins. However, failure to obtain the required documents prior to the work <br />beginning shall not waive the Contractor's obligation to provide them. The City reserves <br />the right to require complete, certified copies of all required insurance policies, including <br />endorsements required by these specifications, at any time. <br />H. Special Risks or Circumstances- City reserves the right to modify these requirements, <br />including limits, based on the nature of the risk, prior experience, insurer, coverage, or <br />other special circumstances. <br />I. The City's Executive Director of Human Resources and Risk Manager bave the discretion <br />and authority to reduce or modify insurance coverage when he/she/they deem it <br />appropriate. <br />8. INDEMNIFICATION <br />Contractor agrees to defend, and shall indemnify and hold harmless the City, its officers, agents, <br />employees, contractors, special counsel, and representatives from liability: (1) for personal injury, <br />damages, just compensation, restitution, judicial or equitable relief arising out of claims for personal <br />injury, including death, and claims for property damage, which may arise from the negligent operations <br />Page 4 of 9 <br />