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City of Santa Ana <br />Grant Agreement No. 22-159 <br />Page 11 <br /> <br /> <br />agents and employees, and not excess to any insurance or self-insurance of the <br />State of California. <br /> <br />iii. The limits of the additional insured coverage must equal the limits of the <br />named insured coverage regardless of whether the limits of the named <br />insurance coverage exceed those limits required by this agreement. <br /> <br />d. Coverage does not extend to any indemnity coverage for the active negligence of the <br />additional insured in any case where an agreement to indemnify the additional insured <br />would be invalid under Subdivision (b) of Section 2782 of the Civil Code. <br /> <br />5. Acceptability of Insurers. Insurance must be placed with insurers admitted to transact <br />business in the State of California and having a current Best’s rating of “B+:VII” or <br />better or, in the alternative, acceptable to the Conservancy and approved in writing by the <br />Executive Officer. <br /> <br />6. Verification of Coverage. The grantee shall furnish the Conservancy with original <br />certificates and amendatory endorsements, or copies of the applicable policy language, <br />effecting coverage required by this clause. All certificates and endorsements are to be <br />received and approved by the Executive Officer before work commences. The <br />Conservancy reserves the right to require complete, certified copies of all required <br />insurance policies, including endorsements affecting the coverage, at any time. <br /> <br />7. Contractors. The grantee shall include all contractors as insureds under its policies or <br />shall require each contractor to provide and maintain coverage consistent with the <br />requirements of this section. To the extent generally available, grantee shall also require <br />each professional contractor to provide and maintain errors and omissions liability <br />insurance appropriate to the contractor’s profession and in a reasonable amount in light of <br />the nature of the project with a minimum limit of liability of $1,000,000. <br /> <br />8. Premiums and Assessments. The Conservancy is not responsible for premiums and <br />assessments on any insurance policy. <br /> <br />XIV. AUDITS/ACCOUNTING/RECORDS <br />The grantee shall maintain financial accounts, documents, and records (collectively, “required <br />records”) relating to this agreement, in accordance with the guidelines of “Generally Accepted <br />Accounting Principles” (“GAAP”) published by the American Institute of Certified Public <br />Accountants. The required records include, without limitation, evidence sufficient to reflect <br />properly the amount, receipt, deposit, disbursement of all funds related to work under the <br />agreement, and time and effort reports that permit tracing from the request for disbursement <br />forms to the accounting records and to the supporting documentation.