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Notice of Cancellation: Each insurance policy required above shall provide <br />that coverage shall not be canceled, except with notice to the City. <br />4. Waiver of Subrogation: Contractor hereby grants to City a waiver of any right <br />to subrogation that any insurer of said Contractor may acquire against the City <br />by virtue of the payment of any loss under such insurance. Contractor agrees <br />to obtain any endorsement that may be necessary to affect this waiver of <br />subrogation, but this provision applies regardless of whether or not the City has <br />received a waiver of subrogation endorsement from the insurer. <br />Self -Insured Retentions: Self -insured retentions must be declared to and <br />approved bythe City. The Citymay require the Contractor to purchase coverage <br />with a lower retention or provide proof of ability to pay losses and related <br />investigations, claim administration, and defense expenses within the retention. <br />The policy language shall provide, or be endorsed to provide, that the self - <br />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 <br />to conduct business in the state with a current A.M. Best's rating of no less <br />than A:VII, unless otherwise acceptable to the City. <br />7. Claims Made Policies (applicable only to professional liability): <br />The Retroactive Date must be shown, and must be before the date of the <br />contract or the beginning of contract work. <br />ii. Insurance must be maintained and evidence of insurance must be <br />provided for at least five (5) years after completion of the contract of <br />work. <br />iii. 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 Contractor must purchase "extended reporting" <br />coverage 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 <br />copies of the applicable policy language effecting coverage requiredby this <br />clause) and a copy of the Declarations and Endorsement Page of the CGL policy <br />listing allpolicy endorsements to City before work begins. However, failure to <br />obtain the required documents prior to the work beginning shall not waive the <br />Contractor's obligation to provide them. <br />The City reserves the right to require complete, certified copies of all required <br />insurance poIicies,including endorsements required by these specifications, at <br />any time. <br />Page 4 of 9 <br />419793v4 <br />