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2. Primary Coverage. For any claims related to this contract, the Contractor's <br />insurance coverage shall be primary coverage at least as broad as ISO CG 20 01 <br />04 13 as respects the City, its officers, officials, employees, and volunteers. Any <br />insurance or self-insurance maintained by the City, its officers, officials, <br />employees, or volunteers shall be excess of the Contractor's insurance and shall <br />not contribute with it. <br />3. Notice of Cancellation. Each insurance policy required above shall provide that <br />coverage shall not be canceled, except with notice to the City. <br />4. Waiver of Subrogation. Contractor hereby grants to City a waiver of any right <br />to subrogation that any insurer of said Contractor may acquire against the City by <br />virtue of the payment of any loss under such insurance. Contractor agrees to <br />obtain any endorsement that may be necessary to affect this waiver of subrogation, <br />but this provision applies regardless of whether or not the City has received a <br />waiver of subrogation endorsement from the insurer. <br />5. Self -Insured Retentions. Self -insured retentions must be declared to and <br />approved by the City. The City may require the Contractor to purchase coverage <br />with a lower retention or provide proof of ability to pay losses and related <br />investigations, claim administration, and defense expenses within the retention. <br />The policy language shall provide, or be endorsed to provide, that the self -insured <br />retention may be satisfied by either the named insured or City. <br />6. Acceptability of Insurers. Insurance is to be placed with insurers authorized to <br />conduct business in the state with a current A.M. Best's rating of no less than <br />A: VII, unless otherwise acceptable to the City. <br />7. Claims Made Policies. If any of the required policies provide claims -made <br />coverage: <br />i. The retroactive date must be shown, and must be before the date of the <br />contract or the beginning of contract work. <br />ii. Insurance must be maintained and evidence of insurance must be provided <br />for at least five (5) years after completion of the contract of work. <br />iii. If coverage is canceled or non -renewed, and not placed with another <br />claims -made policy form with a retroactive date prior to the contract <br />effective date, the Contractor must purchase "extended reporting" <br />coverage for a minimum of five (5) years after completion of work. <br />#8520v3 <br />