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<br />Page 4 of 10 <br /> <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 state 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 which any insurer of said Contractor may acquire against the <br />City by virtue of the payment of any loss under such insurance. Contractor <br />agrees to obtain any endorsement that may be necessary to affect this waiver of <br />subrogation, but this provision applies regardless of whether or not the City has <br />received a 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- <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 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 coverage on a <br />claims-made basis: <br />1. The Retroactive Date must be shown and must be before the date of the <br />contract or the beginning of contract work. <br />2. Insurance must be maintained and evidence of insurance must be <br />provided for at least five (5) years after completion of the contract of <br />work. <br />3. 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 “extended reporting” <br />coverage for a minimum of five (5) years after completion of contract <br />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 required by this <br />clause) and a copy of the Declarations and Endorsement Page of the CGL policy <br />listing all policy 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 />9. 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 /> <br />EXHIBIT 2