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its officers, officials, employees, or volunteers shall be excess of the <br />User's insurance and shall not 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 the <br />City. <br />(4) Waiver of Subrogation: User hereby grants to City a waiver of any <br />right to subrogation that any insurer of said User may acquire against <br />the City by virtue of the payment of any loss under such insurance. <br />User agrees to obtain any endorsement that may be necessary to affect <br />this waiver of subrogation, but this provision applies regardless of <br />whether or not the City has received a waiver of subrogation <br />endorsement from the insurer. <br />(5) Self -Insured Retentions: Self -insured retentions must be declared to <br />and approved by the City. The City may require the User to purchase <br />coverage with a lower retention or provide proof of ability to pay losses <br />and related investigations, claim administration, and defense expenses <br />within the retention. The policy language shall provide, or be endorsed <br />to provide, that the self -insured retention may be satisfied by either the <br />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. Best's <br />rating of no less than A:VII, unless otherwise acceptable to the City. <br />(7) Claims Made Policies: If any of the required policies provide claims - <br />made coverage: <br />i. The retroactive date must be shown, and must be before the date <br />of the contract or beginning of contract work. <br />ii. Insurance must be maintained and evidence of insurance must <br />be provided for at least five (5) years after completion of <br />contract work. <br />iii. If coverage is canceled or non -renewed, and not replaced with <br />another claims -made policy form with a retroactive date <br />prior to the contract effective date, the User must purchase <br />"extending reporting" coverage for a minimum of five (5) years <br />after completion of work. <br />Page 4 of 8 <br />