Agmt 2008 FSCCRC - Laserfiche WebLink

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d. Each insurance policy required by this clause shall be endorsed to state that coverage shall not be canceled by either party, except after 30 days' prior written notice has been provided to the City. C. All Policies Requirements. 1) Acceptability of insurers. All insurance required by this section is to be placed with insurers with a Bests' rating of no less than A:VII. 2) Verification of coverage. Prior to commencing or authorizing the commencement of any work under this Agreement, Participant shall furnish City with complete copies of all policies delivered to Participant by the insurer, including complete copies of all endorsements attached to those policies. All copies of policies and endorsements shall show the signature of a person authorized by that insurer to bind coverage on its behalf. If the City does not receive the required insurance documents prior to the Participant beginning work, it shall not waive the Participant's obligation to provide them. The City reserves the right to require complete copies of all required insurance policies at any time. 3) Deductibles and Self-Insured Retentions. Participant shall disclose to and obtain the written approval of City for the self-insured retentions and deductibles before beginning any of the services or work called for by any term of this Agreement. At the option of the City, either: the insurer shall reduce or eliminate such deductibles or self- insured retentions as respects the City, its officers, employees, and volunteers; or the Participant shall provide a financial guarantee satisfactory to the City guaranteeing payment of losses and related investigations, claim administration and defense expenses. 4) Wasting Policies. No policy required by this Section shall include a "wasting" policy limit (i.e. limit that is eroded by the cost of defense). 5) Waiver of Subrogation. Participant hereby agrees to waive subrogation which any insurer or contractor may require from vendor by virtue of the payment of any loss. Participant agrees to obtain any endorsements that may be necessary to affect this waiver of subrogation. The Workers' Compensation policy shall be endorsed with a waiver of subrogation in favor of the entity for all work performed by the Participant, its employees, agents, and subcontractors. D. Subcontractors. Participant shall include all subcontractors as insureds under its policies or shall furnish separate certificates and endorsements for each subcontractor. All coverages for subcontractors shall be subject to all of the requirements stated herein. Fiscal Year 08-09 1--3 '.