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<br />( )E. <br /> <br />. <br /> <br />. <br /> <br />FILE: OC-196 <br /> <br />Property Insurance: Full replacement cost with no coinsurance penalty provision. <br /> <br />DEDUCTIBLES, SELF-INSURED RETENTIONS AND, OR SELF-INSURANCE <br /> <br />Any deductibles/self-insured retentions or self-insurance must be declared to and approved by <br />aCTA. At the option of aCTA either: the insurer shall reduce or eliminate such deductibles <br />or self-insured retentions as respects to aCTA, its officials and employees, or the Lessee. <br />Licensee, or Permittee shall procure a bond guaranteeing payment of losses, and related <br />investigations, claim administration and defense expenses. <br /> <br />OTHER INSURANCE PROVISIONS <br /> <br />The aCTA, its Officers, Directors, Employees and Agents must be designated as an <br />additional insured on the lessees, licensees, or permittees Comprehensive General and <br />Automobile Liability Insurance policies. Licensee shall furnish OCTA with insurance <br />endorsements and certificates, evidencing the existence, amounts and coverages of the <br />insurance required to be maintained hereunder. <br /> <br />The coverage shall be primary and any insurance or self-insurance maintained by OCTA, its <br />subsidiaries, officials and employees shall be excess of the contractor's insurance and shall <br />not contribute with it. <br /> <br />Each insurance policy required by this clause shall be endorsed to state that coverage shall <br />not be suspended, voided, canceled or reduced in coverage or in limits, except only after thirty <br />(30) days prior written notice has been given to aCTA. <br /> <br />Course of construction policies shall contain the following provisions: <br />1 . aCTA shall be named as loss payee. <br />2. The insurer shall waive all subrogation rights against aCTA. <br /> <br />ACCEPTABILITY OF INSURERS <br /> <br />Insurance is to be placed with insurers with a current A.M. Best's rating of no less than A-VII, <br />unless otherwise approved by aCTA. <br /> <br />VERIFICATION OF COVERAGE <br /> <br />Lessee, Licensee, or Permittee shall furnish aCTA with original endorsements effecting <br />coverage required by this clause. The endorsements are to be signed by a person authorized <br />by that insurer to bind coverage on its behalf. All endorsements are to be received and <br />approved by aCTA before work commences. <br /> <br />Page 2 of 2 <br />