Laserfiche WebLink
4. Waiver of Subrogation: Consultant hereby grants to City a waiver <br />of any right to subrogation that any insurer of said Consultant may <br />acquire against the City by virtue ofthe payment of any loss under <br />such insurance. Consultant agrees to obtain any endorsement that <br />may be necessary to affect this waiver of subrogation, but this <br />provision applies regardless ofwhether or not the City has received <br />a waiver of subrogation endorsement from the insurer. <br />5. ,Self -Insured Retentions: Self -insured retentions must be declared <br />to and approved by the City. The City may require theConsultant to <br />purchase coverage with a lower retention or provide proof of ability <br />to pay losses and related investigations, claim administration, and <br />defense expenses within the retention. The policy language shall <br />provide, or be endorsed to provide, that the self -insured retention <br />may be satisfied by either the named insured 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. <br />Best's rating of no less than ANII, unless otherwise acceptable to <br />the City. <br />7. Claims Made Policies (applicable only to professional liability): <br />1. The Retroactive Date must be shown, and must be before the <br />date ofthe contract or the beginning of contract work. <br />u. Insurance must be maintained and evidence of insurance <br />must be providedfo r at leastfive (5) years after completion <br />ofthe contract ofwork <br />iii. If coverage is canceled or non -renewed, and not replaced <br />with another claims -made policy form with a Retroactive <br />Dateprior to the contract effective date, the Consultant must <br />purchase "extended reporting" coverage for a minimum of <br />jive (5) years after completion ofwork. <br />8 Verification of Coverage: Consultant shall furnish the City with <br />original Certificates oflnsurance including all required amendatory <br />endorsements (or copies ofthe applicable policy language effecting <br />coverage required by this clause) and a copy ofthe Declarations and <br />Endorsement Page ofthe CGL policy listing allpolicy endorsements <br />to City before work begins. However, failure to obtain the required <br />documents prior to the work beginning shall not waive the <br />Consultant's obligation to provide them. <br />The City reserves the right to require complete, certified copies ofall <br />required insurance policies, including endorsements required by <br />these specifications, at any time. <br />Page 4 of9 <br />