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b. Self -Insured Retentions. Self -insured retentions must be declared to and approved by City. At the option of City, Contractor shall cause its insurer(s) to reduce or eliminate such self -insured retentions as respects City, its City Council, officers, officials, employees, agents and volunteers; or Contractor shall provide a financial guarantee satisfactory to City guaranteeing payment of losses and related investigations, claim administration, and defense expenses. c. Other Insurance Provisions The above required insurance policies are to contain or be endorsed to contain the following provisions: (1) Additional Insured Status. The City, its officers, officials, employees, and volunteers are to be covered as additional insureds on the CGL, AL, and SAML policies with respect to liability arising out of work or operations performed by or on behalf of the Contractor including materials, parts, or equipment furnished in connectionwith such work or operations. (2) Waiver of Subrogation. Contractor's insurance company(ies) agree(s) to waive all rights of subrogation against City, its City Council, its officers, officials, employees, agents, and volunteers for losses paid under the terms of any policy which may arise from work performed by Contractor under this Agreement. This provision applies regardless of whether or not the City has received a waiver of subrogation endorsement from the insurer. (3) Primary Coverage. For any claims related to this contract, the Contractor's insurance coverage shall be primary and any insurance or self-insurance maintained by City, its City Council, its officers, officials, employees, or volunteers shall be excess of the Contractor's insurance and shall not contribute with it. (4) Severability of Interest (Cross -Liability). A severability of interest provision must apply for all the additional insureds, ensuring that Contractor's insurance shall apply separately to each insured against whom a claim is made or suit is brought, except with respect to the insurer's limits of liability. (5) Notice of Cancellation. Insurance policy(ies) herein shall provide that coverage shall not be canceled, suspended, voided, reduced in coverage or in limits, non -renewed by the carrier, or materially changed except after thirty (30) days prior written notice has been given to City. Ten (10) days prior written notice shall be provided to City for policy cancellation or non -renewal due to non-payment. Page 4 of 10 #19793v7