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Se(f-lnsured Retentions <br />Self-insured retentions must be declared to and approved by the City. The City may require the <br />Contractor to purchase coverage with a lower retention or provide proof of ability to pay losses <br />and related investigations, claim administration, and defense expenses within the retention. The <br />policy language shall provide, or be endorsed to provide, that the self-insured retention may be <br />satisfied by either the named insured or City. <br />Acceptability of Insurers <br />Insurance is to be placed with insurers authorized to conduct business in the st ate with a current <br />A.M. Best's rating ofno less thanA:VII, unless otherwise acceptable to the City. <br />Claims Made Policies (note -should be applicable only to professional liability, see below) If any of the required policies provide claims-made coverage: <br />1.The Retroactive Date must be shown, and must be before the date of the contract or the <br />begim1ing of contract work. <br />2.Insurance must be maintained and evidence of insurance must be provided for at least <br />five (5) years after completion o.fthe contract of work. <br />3.If coverage is canceled or non-renewed, and not replaced with another claims-made <br />policy .form with a Retroactive Date prior to the contract effective date, the Contractor <br />must purchase "extended reporting" coverage for a minimum of five (5) years after <br />completion of work. <br />Verification of Coverage <br />Contractor shall furnish the City with original Certificates of Insurance including all required <br />amendatory endorsements ( or copies of the applicable policy language effecting coverage required <br />by this clause) and a copy of the Declarations and Endorsement Page of the COL policy listing all <br />policy endorsements to City before work begins. However, failure to obtain the required <br />docwnents prior to the work beginning shall not waive the Contractor's obligation to provide them. <br />The City reserves the right to require complete, certified copies of all required insurance policies, <br />including endorsements required by these specifications, at any time. <br />Special Risks or Circumstances <br />City reserves the right to modify these requirements, including limits, based on the nature of the <br />risk, prior experience, insurer, coverage, or other special circumstances. <br />7.INDEMNIFICATION <br />Contractor agrees to defend, and shall indemnify and hold harmless the City, its officers, <br />agents, employees, contractors, special coW1sel, and representatives from liability: (1) for personal <br />injury, damages, just compensation, restitution, judicial or equitable relief arising out of claims for <br />personal injury, including death, and claims for property damage, which may arise from the <br />negligent operations of the Contractor, its subcontractors, agents, employees, or other persons <br />acting on its behalf which relates to the services described in section I of this Agreement; and (2) <br />from any claim that personal injury, damages, just compensation, restitution, judicial or equitable <br />relief is due by reason of the terms of or effects arising from this Agreement. This indemnity and <br />Page 4 of9 <br />EXHIBIT 2