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3, _Notice of Cancellation: Each insurance policy required above shall state that <br />coverage shall not be canceled, except with notice to the City. <br />4, Waiver of Subrogation: Subcontractor hereby grants to City a waiver of any <br />right to subrogation which any insurer of said Subcontractor may acquire <br />against the City by virtue of the payment or any loss under such insurance. <br />Subcontractor agrees to obtain any endorsement that may be necessary to <br />affect this waiver of subrogation, but this provision applies regardless of <br />whether or not the City has received a waiver of subrogation endorsement <br />from the insurer, <br />5, Seif-Insured Retentions: Self -insured retentions must be declared to and <br />approved by the City, The City may require the Subcontractor to purchase <br />coverage with a lower retention or provide proof of ability to pay losses and <br />related investigations, claim administration, and defense expenses within the <br />retention. The policy language shall provide, or be endorsed to provide, that <br />the self -insured retention may be satisfied by either the named insured or City. <br />6. Acceptability of Insurers: Insurance is to be placed with insurers authorized to <br />conduct business in the state with a current AM, Best's rating of no less than <br />A:VII, unless otherwise acceptable to the City. <br />7. Cairns Made I'ollcies: If any of the required policies provide, coverage on a <br />claims -made basis; <br />1. The Retroactive Date must be shown and must be before the date of <br />the contract or the beginning of contract work. <br />2. Insurance must be maintained and evidence of assurance must be <br />provided for at least five (5) years after completion of the contract of <br />work. <br />3. If coverage is canceled or non -renewed, and not replaced with another <br />claims -made policy form with a Retroactive Date prior to the contract <br />effective date, the Subcontractor must purchase "extended reporting" <br />coverage for a minimum of five (5) years after completion of contract <br />work. <br />8. Verifcation of Coverage: Subcontractor shall furnish the City with original <br />Certificates of Insurance including all required amendatory endorsements (or <br />copies of the applicable policy language effecting coverage required by this <br />clause) and a copy of the Declarations and Endorsement Page of the CGL <br />policy listing all policy endorsements to City before work begins. However, <br />failure to obtain the required documents prior to the work beginning shall not <br />waive the Subcontractor's obligation to provide them, <br />.. 6 <br />