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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 AXII, 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 />Page 5 of 11 <br />