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3. Notice of Cancellation. Each insurance policy required above shall provide that <br />coverage shall not be canceled, except with notice to the City. <br />4. Waiver of Subrogation. Artist hereby grants to City a waiver of any right to <br />subrogation that any insurer of said Artist may acquire against the City by virtue of <br />the payment of any loss under such insurance. Artist agrees to obtain any <br />endorsement that may be necessary to affect this waiver of subrogation, but this <br />provision applies regardless of whether or not the City has received a waiver of <br />subrogation endorsement from the insurer. <br />5. Self -Insured Retentions. Self -insured retentions must be declared to and approved <br />by the City. The City may require the Artist to purchase coverage with a lower <br />retention or provide proof of ability to pay losses and related investigations, claim <br />administration, and defense expenses within the retention. The policy language <br />shall provide, or be endorsed to provide, that the self -insured retention may be <br />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 A.M. Best's rating of no less than <br />A:VII, unless otherwise acceptable to the City. <br />7. Claims Made Policies. If any of the required policies provide claims -made <br />coverage: <br />a. The retroactive date must be shown, and must be before the date of the <br />contract or the beginning of contract work. <br />b. 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 />c. If coverage is canceled or non -renewed, and not placed with another <br />claims -made policy form with a retroactive date prior to the contract <br />effective date, the Artist must purchase "extended reporting" coverage for <br />a minimum of five (5) years after completion of work. <br />8. Verification of Coverage. Artist shall furnish the City with original Certificates <br />of Insurance including all required amendatory endorsements (or copies of the <br />applicable policy language effecting coverage requiredby this clause) and a copy of <br />the Declarations and Endorsement Page of the CGL policy listing all policy <br />endorsements to City before work begins. However, failure to obtain the required <br />documents prior to the work beginning shall not waive the Artist's obligation to <br />provide them. <br />The City 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 />Page 4 of 10 <br />