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EXHIBIT 1 <br />Self -Insured Retentions <br />Self -insured retentions must be declared to and approved by the City. City may require <br />SUBRECIPIENT to purchase coverage with a lower retention or provide proof of ability to pay <br />losses and related investigations, claim administration, and defense expenses within the retention. <br />Acceptability of Insurers <br />Insurance is to be placed with insurers authorized to conduct business in the state of California with <br />a current A.M. Best rating of no less than ANII, unless otherwise acceptable to City. <br />Verification of Coverage <br />SUBRECIPIENT shall furnish City with original Certificates of Insurance including all required <br />amendatory endorsements (or copies of the applicable policy language effecting coverage required <br />by this clause) and a copy of the Declarations and Endorsement Page of the CGL policy listing all <br />policy endorsements to City before work begins. However, failure to obtain the required documents <br />prior to the work beginning shall not waive Permittee's obligation to provide them. City reserves <br />the right to require complete, certified copies of all required insurance policies, including <br />endorsements required by these specifications, at any time. <br />Claims Made Policies <br />If any of the required policies provide coverage on a claims -made basis: <br />1. The retroactive date must be shown and must be before the date of the contract or the beginning <br />of work. <br />2. Insurance must be maintained and evidence of insurance must be provided for at least three (3) <br />years after completion of work. <br />3. If coverage is canceled or non -renewed, and not replaced with another claims -made policy form <br />with a retroactive date prior to the contract effective date, Company must purchase "extended <br />reporting" coverage for a minimum of three (3) years after completion of work. <br />Subcontractors <br />SUBRECIPIENT shall require and verify that all sub -contractors maintain insurance <br />meeting all the requirements stated herein, and SUBRECIPIENT shall ensure that City <br />is an additional insured on insurance required from sub -contractors. <br />Special Risks or Circumstances <br />City reserves the right to modify these requirements, including limits, based on the nature of the <br />risk, prior experience, insurer, coverage, or other special circumstances. <br />IX. <br />CORPORATE STATUS <br />All corporate SUBRECIPIENTs shall be in good standing, without suspension by the <br />California Secretary of State, Franchise Tax Board or Internal Revenue Service. Any change in <br />corporate status or suspension shall be reported immediately to CITY. <br />Page 13 of 18 <br />