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be necessary to affect this waiverof subrogation, but this provision applies regardless of <br />whether or not the Entity has received a waiver of subrogation endorsement from the <br />insurer. <br />Self -Insured Retentions <br />Self -insured retentions must be declared to and approved by the Entity. The Entity may <br />require theContractor to purchase coverage with a lower retention or provide proof of <br />ability to pay losses and related investigations, claim administration, and defense <br />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 <br />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 (note —should be applicable only to professional liability, see below) <br />If any of the required policies provide claims -made coverage: <br />1. The Retroactive Date must be shown, and must be before the date of the <br />contract or thebeginning of contract work. <br />2. Insurance must be maintained and evidence of insurance must be provided <br />for at least five (5) years after completion of the contract of 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 Contractormust purchase "extended reporting" coverage <br />for a minimum of five (5) years after completion of work. <br />Verification of Coverage <br />Contractor shall furnish the Entity with original Certificates of Insurance including all <br />required amendatory endorsements (or copies of the applicable policy language <br />effecting coverage required by this clause) and a copy of the Declarations and <br />Endorsement Page of the CGL policy listing allpolicy endorsements to Entity before <br />work begins. However, failure to obtain the required documents prior to the work <br />beginning shall not waive the Contractor's obligation to provide them. <br />The Entity reserves the right to require complete, certified copies of all required <br />insurance policies, including endorsements required by these specifications, at any <br />time. <br />Special Risks or Circumstances <br />Entity reserves the right to modify these requirements, including limits, based on the <br />nature oftherisk, prior experience, insurer, coverage, or other special circumstances. <br />Page 4 of 9 <br />