Laserfiche WebLink
EXHIBIT 2 <br />(b) Insurance must be maintained and evidence of insurance must be provided <br />for at least five (5) years after completion of work. <br />(c) If coverage is cancelled or non -renewed, and not replaced with another <br />claims -made policy form with a retroactive date prior to the contract effective, or start of work <br />date, Developer must purchase extended reporting period coverage for a minimum of five (5) years <br />after completion of work. <br />(d) A copy of the claims reporting requirements must be submitted to City. <br />15.6 Acceptability of Insurers. Insurance is to be placed with insurers authorized to <br />conduct business in the state of California with a current A.M. Best rating of no less than A:VII, <br />unless otherwise acceptable to City. <br />15.7 Waiver of Subrogation. Developer hereby agrees to waive rights of subrogation <br />which any insurer of Developer may acquire from Developer by virtue of the payment of any loss. <br />Developer agrees to obtain any endorsement that may be necessary to affect this waiver of <br />subrogation. The Workers' Compensation policy shall be endorsed with a waiver of subrogation in <br />favor of City for all work performed by Developer, its employees, agents, contractors and sub- <br />contractors. <br />15.8 Verification of Coverage. Developer shall furnish City with original Certificates <br />of Insurance including all required amendatory endorsements (or copies of the applicable policy <br />language effecting coverage required by this clause). A statement on a Certificate(s)/Evidence of <br />Insurance will not be accepted in lieu of the actual endorsements required herein. Failure to obtain <br />the required documents prior to the work beginning shall not waive Developer's obligation to <br />provide them. City reserves the right to require complete, certified copies of all required insurance <br />policies, including endorsements, required by these specifications, at any time. <br />15.9 Sub -Contractors. Developer shall require and verify that all sub -contractors <br />maintain insurance meeting all requirements stated herein, and Developer shall ensure that City is <br />an additional insured on insurance required from sub -contractors. For CGL coverage, sub- <br />contractors shall provide coverage with a form at least as broad as CG 20 38 04 13. <br />15.10 Surety Bonds. Developer shall provide the following Surety Bonds: <br />(a) <br />Bid Bond <br />(b) <br />Performance Bond <br />(c) <br />Payment Bond <br />(d) <br />Maintenance Bond <br />The Payment Bond and the Performance Bond shall be in a sum equal to the contract price. <br />If the Performance Bond provides for a one-year warranty a separate Maintenance Bond is not <br />23 <br />5 53 94.0010 1 \42414134.1 <br />