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10.5 All Policies Requirements. <br />10.5.1 Acceptability of Insurers. All insurance required by this section is to <br />be placed with insurers with a Bests' rating of no less than A:VII. <br />10.5.2 Verification of Coverage. Prior to beginning any work under this <br />Agreement, Siemens shall furnish City with Certificates of Insurance. All policies and <br />certified endorsements shall show the signature of a person authorized by that insurer to bind <br />coverage on its behalf and shall be available for viewing by City at Siemens' Iselin, N.J. <br />office during regular business hours. Siemens will cover the City's reasonable travel costs in <br />the event that it is necessary to see the actual policy. <br />10.5.3 Notice of Reduction in or Cancellation of Coverage. A Certificate <br />of Insurance shall state that coverage shall not be canceled except after thirty (30) days' prior <br />written notice has been given to the City. In the event that any coverage required by this <br />Section is reduced, limited, suspended or voided, Siemens shall provide written notice to City <br />at Siemens's earliest possible opportunity and in no case later than ten (10) working days <br />after Siemens is notified ofthe change in coverage. <br />10.5.4 Deductibles and Self-Insured Retentions. Siemens shall disclose to <br />and obtain the approval of City for the self-insured retentions and deductibles before <br />beginning any of the Services or Work called for by any term of this Agreement. <br />During the period covered by this Agreement, only upon the prior express written <br />authorization of City Representative, Siemens may increase such deductibles or self-insured <br />retentions with respect to City, its officers, employees, agents, and volunteers. The City <br />Representative may condition approval of an increase in deductible or self-insured retention <br />levels with a requirement that Siemens procure a bond, guaranteeing payment of losses and <br />related investigations, claim administration, and defense expenses that is satisfactory in all <br />respects to each of them. <br />10.5.5 Subcontractors. Siemens shall include all subcontractors as insureds <br />under its policies or shall furnish separate certificates and certified endorsements for each <br />subcontractor. All coverages for subcontractors shall be subject to all of the requirements <br />stated herein. Siemens shall not allow any subcontractor to commence work on any <br />subcontract until Siemens has obtained all insurance required herein for the subcontractor(s) <br />and provided evidence thereof to City. <br />10.5.6 Variation. The City may approve a variation in the foregoing <br />insurance requirements, upon a determination that the coverage, scope, limits, and forms of <br />such insurance are either not commercially available, or that the City's interests are otherwise <br />fully protected. <br />10.6 Remedies. In addition to any other remedies City may have if <br />Siemens fails to provide or maintain any insurance policies or policy endorsements to the <br />extent and within the time herein required, City may, at its sole option, exercise any of the <br />WPCP Cogeneration 090808 -Page 19 of 60 <br />