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Waiver of Subrogation <br />Company hereby grants to City a waiver of any right to subrogation which any insurer of said <br />Company may acquire against the City by virtue of the payment of any loss under such <br />insurance. Company agrees to obtain any endorsement that may be necessary to affect this <br />waiverof subrogation, but this provision applies regardless of whether or not the City has <br />received a waiver of subrogation endorsement from the insurer. <br />Self -Insured Retentions <br />Self -insured retentions must be declared to and approved by the City. The City may require the <br />Company to purchase coverage with a lower retention or provide proof of ability to pay losses <br />and related investigations, claim administration, and defense expenses within the retention. <br />The policy language shall provide, or be endorsed to provide, that the self -insured retention <br />may be satisfied by either the named insured or City. <br />Acceptability of Insurers <br />Insurance is to be placed with insurers authorized to conduct business in the state with a current A.M. <br />Best's rating of no less than AXII, unless otherwise acceptable to the City. <br />Claims Made Policies (note — should be applicable only to professional liability, see below) <br />If any of the required policies provide claims -made coverage: <br />1. The Retroactive Date must be shown, and must be before the date of the contract or <br />thebeginning 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, the <br />Company must purchase "extended reporting" coverage for a minimum of five (S) <br />years after completion of work. <br />Verification of Coverage <br />Company shall furnish the City with original Certificates of Insurance including all required <br />amendatory endorsements (or copies of the applicable policy language effecting coverage <br />requiredby this clause) and a copy of the Declarations and Endorsement Page of the CGL policy <br />listing allpolicy endorsements to City before work begins. However, failure to obtain the <br />required documents prior to the work beginning shall not waive the Company's obligation to <br />provide them. <br />The City reserves the right to require complete, certified copies of all required insurance policies, <br />including endorsements required by these specifications, at any time. <br />Special Risks or Circumstances <br />City reserves the right to modify these requirements, including limits, based on the nature of <br />therisk, prior experience, insurer, coverage, or other special circumstances. <br />Page 6 of 27 <br />