Laserfiche WebLink
EXHIBIT 1 <br /> Self-Insured Retentions <br /> Self-insured retentions must be declared to and approved by the City. City may require <br /> SUBRECIPIENT to purchase coverage with a lower retention or provide proof of ability to pay <br /> losses and related investigations, claim administration, and defense expenses within the retention. <br /> Acceptability of Insurers <br /> Insurance is to be placed with insurers authorized to conduct business in the state of California with <br /> a current A.M. Best rating of no less than A:VII,unless otherwise acceptable to City. <br /> Verification of Coverage <br /> SUBRECIPIENT shall furnish 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 CGL policy listing all <br /> policy endorsements to City before work begins. However,failure to obtain the required documents <br /> prior to the work beginning shall not waive Permittee's obligation to provide them. City reserves <br /> the 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 coverage on a claims-made basis: <br /> 1. The retroactive date must be shown and must be before the date of the contract or the beginning <br /> of work. <br /> 2. Insurance must be maintained and evidence of insurance must be provided for at least three (3) <br /> years after completion of work. <br /> 3. If coverage is canceled or non-renewed, and not replaced with another claims-made policy form <br /> with a retroactive date prior to the contract effective date, Company must purchase "extended <br /> reporting"coverage for a minimum of three (3) years after completion of work. <br /> Subcontractors <br /> SUBRECIPIENT shall require and verify that all sub-contractors maintain insurance <br /> meeting all the requirements stated herein, and SUBRECIMENT shall ensure that City <br /> is an additional insured on insurance required from sub-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 /> IX. <br /> CORPORATE STATUS <br /> All corporate SUBRECIPIENTs shall be in good standing, without suspension by the <br /> California Secretary of State, Franchise Tax Board or Internal Revenue Service. Any change in <br /> corporate status or suspension shall be reported immediately to CITY. <br /> Page 13 of 18 <br />