Item 08 - Receive and File Bowers Museum Report

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agents, and employees, volunteers and visitors. § 5.02 Insurance Requirement C'T .n .rally Prior to the Commencement Date (except as hereinafter otherwise provided), Corporation shall obtain at its sole cost and file with the Clerk of the Council, and maintain throughout the Term, policies of insurance as required by this section and sections 5.03 through 5.06, or a certificate of such insurance, satisfactory in form to the City Attorney. Each such policy (except policies of Workers' Compensation Insurance) shall name City as an insured or additional insured and each liability insurance policy shall also name the officers, agents and employees of City as insureds or additional insureds. Each such policy shall also contain a provision that no termination, cancellation or change of coverage or (where applicable) of insured or additional insured shall be effective until after thirty (30) days notice thereof has been given in writing to City. § 5.03 Liability insurance Corporation shall provide a policy or policies of insurance which provides coverage not less than that provided in the form of a comprehensive general liability insurance policy against liability for any and all claims and suits for damages or injuries to persons or property resulting from or arising out of the operations of Corporation, its officers, employees, agents or assigns. Said policy or policies of insurance shall provide coverage for both bodily injury and property damage in not less than One Million Dollars ($ 1,000,000. 00) combined single limit, or its equivalent. § 5.04 Fine Arts Tnsnrance Corporation shall provide insurance protection against loss of or damage to all fine arts property in the custody and control of Corporation. Such insurance shall be at least equivalent in coverage to policy number IMC 435 117 issued by Continental Insurance Company to City and Corporation for a term beginning November 1, 1985, in a maximum payable amount of not less than $5,000,000.00. The City Manager and the Museum President may agree upon any method whereby such insurance is maintained by City at the cost of Corporation for any mutually agreeable period of time. Corporation's obligation under this section shall not begin until the first premium date on the aforesaid policy occurring after the Commencement Date, or the termination of said policy, whichever first occurs. § 5.05 Fi_r% Rondin�u Corporation shall provide a policy or policies of insurance insuring Corporation against loss due to dishonesty of Corporation's officers, agents and employees. Said policy or policies shall provide coverage in not less than $1,000,000. 12