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($1,000,000) per occurrence, and shall fu ri sh a Certificate of Insurance to the Agency before the co=encement of construction. All Additional Insureds shall not be responsible for any claims in law or equity occasioned by the failure of the Developer to comply with this cc tion 3 0 6. 1. F very workers " c ompens atlon in s u rant a polio y sh all b e ar an endorsement or s h all have attached a rider providing that, in the event of expiration or proposed cancellation of such policy for any reason wha is oe r, the Agency shall be notified, giving the Developer a sufficient time to comply with applicable law, but in no event less than thirty days before such expiration, cancellation, or reduction in coverage is effective or ton 1 days in the event of nonpayment of premium. (g) any of the insurance coverage required here be written with an are n u al aggregate such aggregate sly al l be disclosed in writing to the Agency. (h) For all insurance required under this Section 306.1, the Agency shall have the right, at every five year period, to review the types and limits of insurance coverage required herein and to make real on able adjustments, provided that such types and lini-its shall not exceed that typically carried by the owner and operator of a comparable affordable housing apartment complex, of approximately the sane size, in Orange County, California, based on reasonable r s earth and investigation by the Agency. 306.2 Property Insurance. Commencing upon the Closing for each Phase and continuing for the duration of the Affordability Period with respect to such Phase, Developer shall. secure, maintain, and Pay for the f6llo ing all-risk Property Insurance; provided, however, in the case of Builder's Risk insurance where Developer is not the general contractor, Developer may cause the required builder's risk insurance to be secured, maintained, and paid for by the general contractor: (a) Prior to the start of construction and continuing until the completion of construction (the latter of final acceptance of the Project or issuance of the final certificate of occupancy for the Project): all -risk Builder's Risk (course of construction) insurance coverage in an amount equal to the full cost of the hard construction costs of the Project. Such insurance shall cover, at a minimum: all work, materials, and equipment to be incorporated into the Project; the Project during construction; the completed Project until such time as it is accepted by the Agency; and storage and transportation risks. Such insurance shall protecUinsure the interests of the Developer /owner and all contractor(s), and all subcontractors, as each of their interests may appear. If such insurance includes an exclusion for `'design error," such exclusion shall only be for the object or portion which failed. Such insurance shall include an insurer's waiver of subrogation in favor of each protected/insured part} thereunder and the Agency. The Agency shall be named as an additional loss payee, as its interests may appear, with a toss payable enders ement, which shall be delivered to the Agency prior to the start of construction. (b) Cornmencincr with the of construction and for the duration of the Affordability Period: all-risk physical damage insurance overage, on an all-risk basis, covering all insurable structures and equipment, including coverage for building code eh anae s, in an amount not less than 1 of the replacement cost of the total values at risk, which shall be adjusted for increased costs of construction and replacement on an annual basis, 4 D Os0 1400673 v 14/20027 -000 1