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broad as ISO CG 20 01 04 13 as respects the City, its officers, <br />officials, employees, and volunteers. Any insurance or self- <br />insurance maintained by the City, its officers, officials, employees, <br />or volunteers shall be excess of the Vendor's insurance and shall not <br />contribute with it. <br />(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: Vendor hereby grants to City a waiver of <br />any right to subrogation that any insurer of said Vendor may acquire <br />against the City by virtue of the payment of any loss under such <br />insurance. Vendor agrees to obtain any endorsement that may be <br />necessary to affect this waiverof subrogation, but this provision <br />applies regardless of whether or not the City has received a waiver <br />of subrogation endorsement from the insurer. <br />(5) Self -Insured Retentions: Self -insured retentions must be declared <br />to and approved by the City. The City may require theVendor 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: If any of the required policies provide <br />claims -made coverage, the following applies: <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 />Page 4 of 10 <br />