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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 Contractor must purchase "extended reporting" coverage <br />for a minimum of five (5) years after completion of work. <br />8. Verification of Coverage. Contractor shall furnish the City with original <br />Certificates of Insurance including all required amendatory endorsements (or copies <br />of the applicable policy language effecting coverage requiredby this clause) and a <br />copy of 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 Contractor'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 />9. Subcontractors. Contractor shall require and verify that all subcontractors <br />maintain insurance meeting all the requirements stated herein, and Contractor shall <br />ensure that City is an additional insured on insurance required from subcontractors. <br />10. Special Risks or Circumstances. City reserves the right to modify these <br />requirements, including limits, based on the nature of the risk, prior experience, <br />insurer, coverage, or other special circumstances. <br />RELEASE <br />Contractor, on behalf of Artists, accepts any City -provided equipment used in connection <br />with the performance in their "as -is" condition, with all faults. Contractor, on behalf of Artists, <br />fully releases, waives and discharges forever any and all claims, demands, rights, and causes of <br />action of any kind or nature against, and covenants not to sue, City, its elected officials, officers, <br />employees, agents and volunteers, and all persons acting on behalf of, by, through or under each <br />of them, under any present or future laws, statutes, or regulations for any claim or event relating <br />Page 5 of 10 <br />