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other policy limit as Agency and/or City may require in their reasonable discretion, including <br />coverage for bodily injury, property damage, products, completed operations and contractual <br />liability coverage. Such policy or policies shall be written on an occurrence basis and shall name <br />the Indemnitees as additional insureds. <br />(b) Developer and all contractors working on behalf of Developer shall maintain a <br />comprehensive automobile liability coverage in the amount of One Million Dollars ($1,000,000), <br />combined single limit including coverage for owned and non-owned vehicles and shall furnish or <br />cause to be furnished to Agency and City evidence satisfactory to Agency and City that <br />Developer and any contractor with whom Developer has contracted for the performance of work <br />on the Property or otherwise pursuant to this Agreement carries workers' compensation insurance <br />as required by law. Automobile liability policies shall name the Indemnitees as additional <br />insureds. <br />(c) Upon commencement of construction and continuing until issuance of a <br />Certificate of Completion, Developer and all contractors working on behalf of Developer shall <br />maintain a policy of builder's all-risk insurance in an amount not less than the full insurable cost <br />of the Project on a replacement cost basis naming Agency and City as loss payees. <br />(d) Developer shall maintain property insurance covering all risks of loss (other than <br />earthquake), including flood (if required) for 100% of the replacement value of the Project with <br />deductible, if any, in an amount acceptable to Agency and City, naming Agency and City as loss <br />payees. <br />(e) Companies writing the insurance required hereunder shall be licensed to do <br />business in the State of California. Insurance shall be placed with insurers with a current A.M. <br />Best's rating of no less than A: VII. The Commercial General Liability and comprehensive <br />automobile policies required hereunder shall name the Indemnitees as additional insureds. <br />Builder's Risk and property insurance shall name Agency and City as loss payees as their <br />interests may appear. <br />(f) Prior to closing of the Agency Loan and the City Loan, Developer shall furnish <br />Agency and City with certificates of insurance in form acceptable to Agency and City evidencing <br />the required insurance coverage and duly executed endorsements evidencing such additional <br />insured status. The certificates shall contain a statement of obligation on the part of the carrier to <br />notify City and Agency of any material adverse change, cancellation, termination or non-renewal <br />of the coverage at least thirty (30) days in advance of the effective date of any such material <br />adverse change, cancellation, termination or non-renewal. <br />(g) If any insurance policy or coverage required hereunder is canceled or reduced, <br />Developer shall, within fifteen (15) days after receipt of notice of such cancellation or reduction <br />in coverage, but in no event later than the effective date of cancellation or reduction, file with <br />Agency and City a certificate showing that the required insurance has been reinstated or provided <br />through another insurance company or companies. Upon failure to so file such certificate, <br />Agency or City may, without further notice and at its option, procure such insurance coverage at <br />Developer's expense, and Developer shall promptly reimburse Agency or City for such expense <br />upon receipt of billing from Agency or City. <br />956070-4 3 5 <br />