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The policy language shall provide, or be endorsed to provide, that the self - <br />insured retention may be satisfied by either the named insured or City. <br />(6) Acceptability of Insurers: Insurance is to be placed with insurers authorized <br />to conduct business in the state with a current A.M. Best's rating of no less <br />than 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 beginning of contract work. <br />ii. Insurance must be maintained and evidence of insurance must be <br />provided for at least five (5) years after completion of contract work. <br />iii. If coverage is canceled or non -renewed, and not replaced with another <br />claims -made policy form with a retroactive date prior to the contract <br />effective date, the Contractor must purchase "extending reporting" <br />coverage for a minimum of five (5) years after completion of work. <br />(8) Verification of Coverage: Contractor shall furnish the City with original <br />Certificates of Insurance including all required amendatory endorsements (or <br />copies of the applicable policy language effecting coverage requiredby this <br />clause) and a copy of the Declarations and Endorsement Page of the CGL policy <br />listing allpolicy endorsements to City before work begins. However, failure to <br />obtain the required documents prior to the work beginning shall not waive the <br />Contractor's obligation to provide them. <br />The City reserves the right to require complete, certified copies of all required <br />insurance policies,including endorsements required by these specifications, at <br />any time. <br />(9) Subcontractors: Contractor shall require and verify that all subcontractors <br />maintain insurance meeting all the requirements stated herein, and Contractor <br />shall ensure that City is an additional insured on insurance required from <br />subcontractors. <br />(10) Special Risks or Circumstances: City reserves the right to modify these <br />requirements, including limits, based on the nature of therisk, prior experience, <br />insurer, coverage, or other special circumstances. <br />8. INDEMNIFICATION <br />Contractor agrees to defend, and shall indemnify and hold harmless the City, its officers, <br />agents, employees, contractors, special counsel, and representatives from liability: (1) for personal <br />Page 5 of 10 <br />