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the retention. The policy language shall provide, or be endorsed to provide, that the self - <br />insured retention may be satisfied by 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 <br />current A.M. 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 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 <br />beginning of contract work. <br />2. Insurance must be maintained and evidence of insurance must be provided for at least <br />five (5) years after completion of the contract of work. <br />3. If coverage is canceled or non -renewed, and not replaced with another claims -made <br />policyform with a Retroactive Date prior to the contract effective date, the Contractor <br />must purchase "extended reporting" coverage for a minimum of five (5) years after <br />completion of contract work. <br />Verification of Coverage <br />Contractor shall furnish the Citv with original Certificates of Insurance including all <br />required amendatory endorsements (or conies of the applicable policy language effecting <br />the CGLpolicy listing allpolicy endorsements to City before work begins. However, failure <br />to obtain the required documents prior to the work beginning shall not waive the <br />Contractor's obligation to provide them.The City reserves the right to require complete, <br />certified copies of all required insurance policies,including endorsements required by these <br />specifications, at any time. <br />Subcontractors <br />Contractor shall require and verify that all subcontractors maintain insurance meeting all <br />the requirements stated herein, and Contractor shall ensure that City is an additional insured <br />on insurance required from subcontractors. <br />Special Risks or Circumstances <br />City reserves the right to modify these requirements, including limits, based on the nature <br />of therisk, prior experience, insurer, coverage, or other special circumstances. <br />7. INDEMNIFICATION <br />Contractor agrees to defend, and shall indemnify and hold harmless the City, its officers, <br />agents, employees, contractors, special counsel, and representatives from liability: (1) for personal <br />injury, damages, just compensation, restitution, judicial or equitable relief arising out of claims for <br />personal injury, including death, and claims for property damage, which may arise from the <br />negligent operations of the Contractor, its subcontractors, agents, employees, or other persons <br />acting on its behalf which relates to the services described in section 1 of this Agreement; and (2) <br />from any claim that personal injury, damages, just compensation, restitution, judicial or equitable <br />relief is due by reason of the terns of or effects arising from this Agreement. This indemnity and <br />hold harmless agreement applies to all claims for damages, just compensation, restitution, judicial <br />