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Docusign Envelope ID: EFBAE12B-2D33-4288-BDF3-3F19BEEB5A9F <br />Insurance Requirements <br />Notice of Cancellation <br />Each insurance policy required above shall provide that coverage shall not be canceled, except with <br />notice to the City. <br />Waiver of Subrogation <br />Contractor hereby grants to City a waiver of any right to subrogation which any insurer of said <br />Contractor may acquire against tl'ie City by virtue of the payment of any loss rmder such insurance. <br />Contractor agrees to obtain any endorsementthat may be necessary to affect this waiver of subrogation, <br />but this provision applies regardless of whether or not the City has received a waiver of subrogation <br />endorsement from the insurer. <br />Self-Insured 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 and <br />related investigations, claim administration, and defense expenses within the retention. The policy <br />language shall provide, or be endorsed to provide, that the self-insured retention may be satisfied by <br />either the named insured or City. <br />Acceptability of Insurers <br />Insurance is to be placed with insurers authorized to conduct business in the state with a current A.M. <br />Best's rating of no less than A:VII, unless otherwise acceptable to the City. <br />Claims Made Policies <br />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 />beginning of contract work. <br />2.Insurance must be maintained and evidence of insurance must be provided for at least five (5) <br />years afler completion of the contract of work. <br />3.If coverage is canceled or non-renewed, and not replaced with another claims-made policy <br />form wit1i a RetroactiveDate prior to the contract effective date, the Contractor must purcl'iase <br />"extended reporting" coverage for a minimum offive (5) years after completion of work. <br />Verification ofCoverage <br />Contractor shall furnish the City with original certificates and amendatory endorsements or copies of <br />the applicable policy language effecting coverage required by this clause. All certificates and <br />endorsements are to be received and approved by the City before work commences. However, failure <br />to obtain the required documents prior to the work beginning shall not waive the Contractor's <br />obligation to provide them. The City reserves the right to require complete, certified copies of all <br />required insurance policies, 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 risk, <br />prior experience, insurer, coverage, or other special circumstances.