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(5) Self-Insured Retentions. Self-insured retentions must be declared to and <br /> approved by the Entity. The Entity may require theContractor to purchase <br /> coverage with a lower retention or provide proof of ability to pay losses and <br /> related investigations, claim administration, and defense expenses within <br /> the retention. The policy language shall provide, or be endorsed to provide, <br /> that the self-insured retention may be satisfied by either the named insured <br /> or Entity. <br /> (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 rating <br /> of no less than A:VII, unless otherwise acceptable to the Entity. <br /> (7) Claims-Made Policies. If any of the required policies provide claims-made <br /> coverage: <br /> a. The retractive date must be shown, and must be before the <br /> date of the Agreement or the beginning of work performed <br /> under the Agreement. <br /> b. Insurance must be maintained and evidence of insurance <br /> must be provided for at least five (5) years after completion <br /> of the work under the Agreement. <br /> c. If coverage is canceled or non-renewed, and not replaced <br /> with another claims-made policy form with a retroactive date <br /> 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 /> (8) Verification of Coverage. Contractor shall furnish the Entity with original <br /> Certificates of Insurance including all required amendatory endorsements <br /> (or copies of the applicable policy language effecting coverage requiredby <br /> this clause) and a copy of the Declarations and Endorsement Page of the <br /> CGL policy listing allpolicy endorsements to Entity before work begins. <br /> However, failure to obtain the required documents prior to the work <br /> beginning shall not waive the Contractor's obligation to provide them. <br /> The Entity reserves the right to require complete, certified copies of all <br /> required insurance policies,including endorsements required by these <br /> specifications, at any time. <br /> (9) Subcontractors. Contractor shall require and verify that all subcontractors <br /> maintain insurance meeting all the requirements stated herein, and <br /> Contractor shall ensure that City is an additional insured on insurance <br /> required from subcontractors. <br /> City Council 18 — 7 5/ 4f 11 <br />