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(b) Insurance must be maintained and evidence of insurance must be provided <br /> for at least five (5) years after completion of work. <br /> (c) If coverage is cancelled or non-renewed, and not replaced with another <br /> claims-made policy form with a retroactive date prior to the contract effective, or start of work <br /> date, Developer must purchase extended reporting period coverage for a minimum of five(5) years <br /> after completion of work. <br /> (d) A copy of the claims reporting requirements must be submitted to City. <br /> 15.6 Acceptability of Insurers. Insurance is to be placed with insurers authorized to <br /> conduct business in the state of California with a current A.M. Best rating of no less than A:VII, <br /> unless otherwise acceptable to City. <br /> 15.7 Waiver of Subrogation. Developer hereby agrees to waive rights of subrogation <br /> which any insurer of Developer may acquire from Developer by virtue of the payment of any loss. <br /> Developer agrees to obtain any endorsement that maybe necessary to affect this waiver of <br /> subrogation. The Workers' Compensation policy shall be endorsed with a waiver of subrogation in <br /> favor of City for all work performed by Developer, its employees, agents, contractors and sub- <br /> contractors. <br /> 15.8 Verification of Coverage. Developer shall famish City with original Certificates <br /> of Insurance including all required amendatory endorsements (or copies of the applicable policy <br /> language effecting coverage required by this clause). A statement on a Certificate(s)/Evidence of <br /> Insurance will not be accepted in lieu of the actual endorsements required herein. Failure to obtain <br /> the required documents prior to the work beginning shall not waive Developer's obligation to <br /> provide them. City reserves the right to require complete, certified copies of all required insurance <br /> policies, including endorsements, required by these specifications, at any time. <br /> 15.9 Sub-Contractors. Developer shall require and verify that all sub-contractors <br /> maintain insurance meeting all requirements stated herein, and Developer shall ensure that City is <br /> an additional insured on insurance required from sub-contractors. For CGL coverage, sub- <br /> contractors shall provide coverage with a form at least as broad as CG 20 38 04 13. <br /> 15.10 Surety Bonds.Developer shall provide the following Surety Bonds: <br /> (a) Bid Bond <br /> (b) Performance Bond <br /> (c) Payment Bond <br /> (d) Maintenance Bond <br /> The Payment Bond and the Performance Bond shall be in a sum equal to the contract price. <br /> If the Performance Bond provides for a one-year warranty a separate Maintenance Bond is not <br /> 23 <br /> 55394.00101\42414134.1 <br />