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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 /> <br />7. Claims Made Policies (applicable only to professional liability): <br /> <br />i. The Retroactive Date must be shown, and must be before the <br />date of the contract or the beginning of contract work. <br /> <br />ii. Insurance must be maintained and evidence of insurance <br />must be provided for at least five (5) years after completion <br />of the contract of work. <br /> <br />iii. If coverage is canceled or non-renewed, and not replaced <br />with another claims-made policy form with a Retroactive <br />Date prior to the contract effective date, the Contractor must <br />purchase “extended reporting” coverage for a minimum of <br />five (5) years after completion of work. <br /> <br />8. Verification of Coverage: Contractor shall furnish the City with <br />original Certificates of Insurance including all required amendatory <br />endorsements (or copies of the applicable policy language effecting <br />coverage required by this clause) and a copy of the Declarations and <br />Endorsement Page of the CGL policy listing all policy endorsements <br />to City before work begins. However, failure to obtain the required <br />documents prior to the work beginning shall not waive the <br />Contractor’s obligation to provide them. <br /> <br />The City reserves the right to require complete, certified copies of all <br />required insurance policies, including endorsements required by <br />these specifications, at any time. <br /> <br />9. Subcontractors: Contractor shall require and verify that all <br />subcontractors maintain insurance meeting all the requirements <br />stated herein, and Contractor shall ensure that City is an additional <br />insured on insurance required from subcontractors. <br />10. Special Risks or Circumstances: City reserves the right to modify <br />these requirements, including limits, based on the nature of the risk, <br />prior experience, insurer, coverage, or other special circumstances. <br /> <br />4. Section 3, General Provisions, subsection 3-26 Miscellaneous Provisions, shall be <br />amended to add a subsection g., which subsection shall read as follows: <br /> <br /> <br />Page 4 of 6