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3. Notice of Cancellation: Each insurance policy required above shall <br />provide that coverage shall not be canceled, except with notice to <br />the City. <br />4. Waiver of Subrogation: Consultant hereby grants to City a waiver <br />of any right to subrogation that any insurer of said Consultant may <br />acquire against the City by virtue of the payment of any loss under <br />such insurance. Consultant agrees to obtain any endorsement that <br />may be necessary to affect this waiver of subrogation, but this <br />provision applies regardless of whether or not the City has received <br />a waiver of subrogation endorsement from the insurer. <br />Self -Insured Retentions: Self -insured retentions must be declared <br />to and approved by the City. The City may require theConsultant to <br />purchase coverage with a lower retention or provide proof of ability <br />to pay losses and related investigations, claim administration, and <br />defense expenses within the retention. The policy language shall <br />provide, or be endorsed to provide, that the self -insured retention <br />may be satisfied by either the named insured or City. <br />6. Acceptability of Insurers: Insurance is to be placed with insurers <br />authorized to conduct business in the state with a current A.M. <br />Best's rating of no less than A:VII, unless otherwise acceptable to <br />the City. <br />7. Claims Made Policies (applicable only to professional liability): <br />The Retroactive Date must be shown, and must be before the <br />date of the contract or the beginning of contract work. <br />ii. Insurance must be maintained and evidence of insurance <br />must be provided for at least five (5) years after completion <br />of the contract of work. <br />iii. If coverage is canceled or non -renewed, and not replaced <br />with another claims -made policy form with a Retroactive <br />Date prior to the contract effective date, the Consultant must <br />purchase "extended reporting" coverage for a minimum of <br />five (5) years after completion of work. <br />8. Verification of Coverage: Consultant shall furnish the City with <br />original Certificates of Insurance including all required amendatory <br />endorsements (or copies of the applicable policy language effecting <br />coverage requiredby this clause) and a copy of the Declarations and <br />Endorsement Page of the CGL policy listing allpolicy endorsements <br />to City before work begins. However, failure to obtain the required <br />Page 4 of 9 <br />