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Self -Insured Retentions <br />Self -insured retentions must be declared to and approved by the City. The City may require the <br />Subcontractor 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. <br />Acceptability oflnsurers <br />Insurance is to be placed with insurers authorized to conduct business in the state with a current <br />A.M. Best's rating of no less than A:Vll, unless otherwise acceptable to the City. <br />Verification of Coverage <br />Subcontractor shall furnish the City with original certificates and amendatory endorsements (or <br />copies of the applicable policy language effecting coverage required by this clause) and a copy of <br />the Declarations and Endorsement Page of the CGL policy listing all policy endorsements to the <br />City before work begins. However, failure to obtain the required documents prior to the work <br />beginning shall not waive the Subcontractor's obligation to provide them. The City reserves the <br />right to require complete, certified copies of all required insurance policies, including <br />endorsements required by these specifications, at any time. <br />Claims Made Policies <br />If any of the required policies provide claims -made coverage: <br />1. The retroactive date must be drown, and must be before the date of the contract or the beginning <br />of contract work, <br />2. Insurance must be maintained and evidence of insurance must be provided for at leant three (3) <br />years after completion of the contract of work <br />3. If coverage is canceled or non -renewed, and not replaced with another claints-madepolkyform <br />with a retroactive date prior to the contract effective date, the Subcontractor must purchase <br />"extended reporting" coverage for a minimum of three (3) years after completion of work. <br />Subcontractors <br />Subcontractor shall require and verify that all stab -contractors maintain insurance meeting all the <br />requirements stated herein, and Subcontractor shall ensure that the City is an additional insured on <br />insurance required from stab -contractors. <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 />Subcontractor agrees to defend, and shall indemnify and hold harmless the City, its <br />officers, agents, employees, contractors, special counsel, and representatives from liability. (1) for <br />personal injury, damages, just compensation, restitution, judicial or equitable relief arising out of <br />Page 5 of 10 <br />#2448Q88vI <br />