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this Agreement carries workers' compensation insurance as required by law. Automobile <br />liability policies shall name the Indemnitees as additional insureds. <br />(c) Upon commencement of construction work and continuing until issuance <br />of a Certificate of Completion, Developer and all contractors working on behalf of Developer <br />shall maintain a policy of builder's all-risk insurance in an amount not less than the full insurable <br />cost of the Project on a replacement cost basis naming Agency as loss payee. Such insurance <br />shall include coverage for risks of direct physical loss or damage, excluding the perils of <br />earthquake, flood, and earth movement. <br />(d) Upon completion of construction, Developer shall maintain property <br />insurance covering all risks of loss (other than earthquake and flood) for l 00% of the <br />replacement value of the Project with deductible, if any, in an amount acceptable to Agency, <br />naming Agency as loss payee. <br />(e) Companies writing the insurance required hereunder shall be licensed to <br />do business in the State of California. Insurance shall be placed with insurers with a current <br />A.M. 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 commencement of construction work, Developer shall furnish <br />Agency with certificates of insurance in form acceptable to Agency evidencing the required <br />insurance coverage and duly executed endorsements evidencing such additional insured status. <br />The certificates shall contain a statement of obligation on the part of the carrier to notify City and <br />Agency of an_y material adverse change, cancellation, termination or non-renewal of the coverage <br />at least thirty (30) days in advance of the effective date of any such material adverse change, <br />cancellation, termination or non-renewal. <br />(g) If any insurance policy or coverage required hereunder is canceled or <br />reduced, Developer shall, within twenty-one (2]) days after receipt of notice of such cancellation <br />or reduction in coverage, but in no event later than the effective date of cancellation or reduction, <br />file with Agency and City a certificate showing that the required insurance has been reinstated or <br />provided through another insurance company or companies. Upon failure to so file such <br />certificate, Agency or City may, without further notice and at its option, procure such insurance <br />coverage at Developer's expense, and Developer shall promptly reimburse Agency or City for <br />such expense upon receipt of billing from Agency or City. <br />(h) Coverage provided by Developer shall be primary insurance and shall not <br />be contributing with any insurance, or self-insurance maintained by Agency or City, and the <br />policies shall so provide. The insurance policies shall contain a waiver of subrogation for the <br />benefit of the City and Agency. .Developer shall furnish the required certificates and <br />endorsements to Agency prior to the commencement of construction of the Project, and shall <br />provide Agency with certified copies of the required insurance policies upon request of Agency. <br />> >~a9s~-s 34 <br />