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Self -Insured Retentions <br />Self -insured retentions must be declared to and approved by the Entity. The Entity may require the <br />Vendor to provide proof of ability to pay losses and related investigations, claim administration, <br />and defense expenses within the retention. The policy language shall provide, or be endorsed to <br />provide, that the self -insured retention may be satisfied 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 state with a current <br />A.M. Best's rating of no less than A-:VII, unless otherwise acceptable to the Entity. <br />Claims Made Policies <br />If any of the required policies provide coverage on a claims -made basis: <br />The Retroactive Date must be shown and must be before the date of the contract or the <br />beginning of contract work. <br />Insurance must be maintained and evidence of insurance must be provided for at least five <br />(5) years after completion of the contract of work. <br />If coverage is canceled or non -renewed, and not replaced with another claims -made policy <br />form with a Retroactive Date prior to the contract effective date, the Vendor must purchase <br />"extended reporting" coverage for a minimum of five (5) years after completion of contract <br />work. <br />Verification of Coverage <br />Vendor shall furnish the Entity 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 the Entity before work begins. However, failure to obtain the required <br />documents prior to the work beginning shall not waive the Vendor's obligation to provide them. <br />The Entity reserves the right to require complete, certified copies of all required insurance policies, <br />including endorsements required by these specifications, at any time. <br />Subcontractors <br />Vendor shall require and verify that all subcontractors maintain insurance meeting all the <br />requirements stated herein, and Vendor shall ensure that Entity is an additional insured on <br />insurance required from subcontractors. <br />Syecial Risks or Circumstances <br />Entity 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 />INDEMNIFICATION <br />Consultant agrees to and shall defend, indemnify and hold harmless the City, its officers, <br />agents, employees, Consultants, special counsel, and representatives from liability: (1) for personal <br />