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the Contractor 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 <br />retention. The policy language shall provide, or be endorsed to provide, that the self -insured <br />retention may be satisfied by either the named insured or Entity. <br />Acceptability of Insurers <br />Insurance is to be placed with insurers authorized to conduct business in the state with a <br />current A.M. Best's rating of no less than A:VII, unless otherwise acceptable to the Entity. <br />Claims Made Policies (note — should be applicable only to professional liability, see <br />below) <br />If any of the required policies provide claims -made coverage: <br />• The Retroactive Date must be shown, and must be before the date of the contract or the <br />beginning of contract work. <br />• Insurance must be maintained and evidence of insurance must be provided for at least <br />five (5) years after completion of the contract of work. <br />• If coverage is canceled or non -renewed, and not replaced with another claims -made <br />policy form with a Retroactive Date prior to the contract effective date, the Contractor <br />must purchase "extended reporting" coverage for a minimum of five (5) years after <br />completion of work. <br />Verification of Coverage <br />Contractor shall furnish the Entity with original Certificates of Insurance including all required <br />amendatory endorsements (or copies of the applicable policy language effecting coverage <br />requiredbythis clause) and a copy of the Declarations and Endorsement Page of the CGL policy <br />listing allpolicy endorsements to Entity before work begins. However, failure to obtain the <br />required documents prior to the work beginning shall not waive the Contractor's obligation to <br />provide them. <br />The Entity reserves the right to require complete, certified copies of all required insurance <br />policies,including endorsements required by these specifications, at any time. <br />Subcontractors <br />Consultant shall require and verify that all subcontractors maintain insurance meeting all the <br />requirements stated herein, and Contractor shall ensure that Entity is an additional insured on <br />insurance required from subcontractors. <br />Special Risks or Circumstances <br />Entity reserves the right to modify these requirements, including limits, based on the nature of <br />the risk, prior experience, insurer, coverage, or other special circumstances. <br />Page 5 of 12 <br />