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7 <br /> <br />satisfied by either the named insured or Entity. <br />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 Entity. <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 or the <br />beginning of contract work. <br />2. Insurance must be maintained and evidence of insurance must be provided for at least five <br />(5) years after completion of the contract of work. <br />3. If coverage is canceled or non-renewed, and not replaced with another claims-made policy <br />form with a Retroactive Date prior to the contract effective date, the Contractor must <br />purchase “extended reporting” coverage for a minimum of five (5) years after completion <br />of contract work. <br />Verification of Coverage <br />Contractor shall furnish the Entity with original Certificates of Insurance including all required <br />amendatory endorsements (or copies of the applicable policy language effecting coverage required <br />by this clause) and a copy of the Declarations and Endorsement Page of the CGL policy listing all <br />policy endorsements to Entity before work begins. However, failure to obtain the required <br />documents prior to the work beginning shall not waive the Contractor’s obligation to provide them. <br />The Entity reserves the right to require complete, certified copies of all required insurance policies, <br />including endorsements required by these specifications, at any time. <br /> <br />Subcontractors <br />Contractor shall require and verify that all subcontractors maintain insurance meeting all the <br />requirements stated herein, and Contractor shall ensure that Entity is an additional insured on <br />insurance required from subcontractors. <br />Special Risks or Circumstances <br />Entity reserves the right to modify these requirements, including limits, based on the nature of the <br />risk, prior experience, insurer, coverage, or other special circumstances. <br /> <br />11. BOND <br /> <br />Contractor shall, after award of this Contract, furnish two bonds to be approved by the <br />City, one in the amount of One Hundred Percent (100%) of the Contract price, to guarantee the <br />faithful performance of the work (Performance Bond), and one in the amount of One Hundred <br />Percent (100%) of the Contract price to guarantee payment of all claims for labor and materials <br />furnished (Payment Bond). This Contract shall not become effective until such bonds are <br />supplied to and approved by the City. <br /> <br />Contractor shall, prior to the release of the performance and payment bonds or the <br />retention payment, furnish a warranty performance and payment bond (Warranty Bond). Said