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investigations, claim administration, and defense expenses within the retention. <br />The policy language shall provide, or be endorsed to provide, that the self - <br />insured retention may be satisfied by either the named insured or City. <br />VI. Acceptability of Insurers: Insurance is to be placed with insurers authorized <br />to conduct business in the state with a current A.M. Best's rating of no less than <br />A:VII, unless otherwise acceptable to the City. <br />VII. Claims Made Policies (applicable only to professional liability): If any of <br />the required policies provide claims -made coverage: <br />• The Retroactive Date must be shown, and must be before the date of the <br />contract or the beginning of contract work. <br />Insurance must be maintained and evidence of insurance must be <br />provided for at least five (5) years after completion of the contract of <br />work. <br />If coverage is canceled or non -renewed, and not replaced with another <br />claims -made policy.fbrm with a Retroactive Date prior to the contract <br />effective date, the Contractor must purchase "extended reporting" <br />coverage for a minimum of five (5) years after completion of work. <br />VIII. Verification of Coverage: Contractor shall furnish the City with original <br />Certificates of Insurance including all required amendatory endorsements (or <br />copies of the applicable policy language effecting coverage required by this <br />clause) and a copy of the Declarations and Endorsement Page of the CGL policy <br />listing all policy endorsements to City before work begins. However, failure to <br />obtain the required documents prior to the work beginning shall not waive the <br />Contractor's obligation to provide them. <br />The City reserves the right to require complete, certified copies of all required <br />insurance policies, including endorsements required by these specifications, at <br />any time. <br />IX. Subcontractors: Recipient shall require and verify that all subcontractors <br />maintain insurance meeting all the requirements stated herein, and Recipient <br />shall ensure that City is an additional insured on insurance required from <br />subcontractors. <br />X. Special Risks or Circumstances: City reserves the right to modify these <br />requirements, including limits, based on the nature of the risk, prior experience, <br />insurer, coverage, or other special circumstances. <br />7. INDEMNIFICATION <br />Contractor agrees to defend, and shall indemnify and hold harmless the City, its officers, <br />Page 4 of 9 <br />