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Acceptability of Insurers <br />Insurance is to be placed with insurers authorized to conduct business in the state with a <br />current <br />A.M. Best’s rating of no less than A-:VII, unless otherwise acceptable to the Customer. <br />Claims Made Policies <br />If any of the required policies provide coverage on a claims-made basis: <br />1. The Retroactive Date must be shown and must be before the date of the contract <br />or the beginning of contract work. <br />2. Insurance must be maintained and evidence of insurance must be provided for at <br />least five (5) years after completion of the contract of work. <br />3. If coverage is canceled or non-renewed, and not replaced with another claims- <br />made policy form with a Retroactive Date prior to the contract effective date, <br />the Vendor must purchase “extended reporting” coverage for a minimum of five <br />(5) years after completion of contract work. <br />Verification of Coverage <br />Vendor shall furnish the Customer with original Certificates of Insurance including all <br />required amendatory endorsements (or copies of the applicable policy language effecting <br />coverage required by this clause) and a copy of the Declarations and Endorsement Page <br />of the CGL policy listing all policy endorsements to the Customer before work begins. <br />However, failure to obtain the required documents prior to the work beginning shall not <br />waive the Vendor’s obligation to provide them. The Customer reserves the right to require <br />complete, certified copies of all required insurance policies, including endorsements <br />required by these specifications, at any time. <br />Subcontractors <br />Vendor shall require and verify that all subcontractors maintain insurance meeting all the <br />requirements stated herein, and Vendor shall ensure that Customer is an additional <br />insured on insurance required from subcontractors. <br />Special Risks or Circumstances <br />Customer reserves the right to modify these requirements, including limits, based on the <br />nature of the risk, prior experience, insurer, coverage, or other special circumstances. <br /> <br />EXHIBIT 1