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Self -insured Retentions <br />Self -insured retentions must be declared to and approved by the <br />Entity. The Entity may require theConsultant to purchase coverage <br />with a lower retention or provide proof of ability to pay losses and <br />related investigations, claim administration, and defense expenses <br />within the retention. The policy language shall provide, or be <br />endorsed to provide, that the self -insured retention may be satisfied <br />by either the named insured or Entity. <br />Acceptability of Insurers <br />Insurance is to be placed with insurers authorized to conduct business in the <br />state with a current <br />A.M. Best's rating of no less than A:VII, unless otherwise acceptable to the <br />Entity. <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 <br />date of the contract or the beginning of contract work. <br />2. Insurance must be maintained and evidence of insurance must be <br />provided for at least five <br />(5) years after completion of the contract of work. <br />3. If coverage is canceled or non -renewed, and not replaced <br />with another claims -made policyform with a Retroactive <br />Date prior to the contract effective date, the Consultant must <br />purchase "extended reporting" coverage for a minimum of five <br />(5) years after completion of contract work. <br />Verification of Coverage <br />Consultant shall furnish the Entity with original Certificates of <br />Insurance including all required amendatory endorsements (or <br />copies of the applicable policy language effecting coverage required <br />by this clause) and a copy of the Declarations and Endorsement <br />Page of the CGL policy listing allpolicy endorsements to Entity before <br />work begins. However, failure to obtain the required documents prior <br />to the work beginning shall not waive the Consultant's obligation to <br />provide them. The Entity reserves the right to require complete, <br />certified copies of all required insurance policies, including <br />endorsements required by these specifications, at any time. <br />0 <br />