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Exhibit C <br />INSURANCE REQUIREMENTS <br />Prior to initiating work on the Project and continuing through throughout the term <br />of this Agreement, Owner shall obtain and maintain the following policies of insurance: <br />(a) a commercial general liability policy in the amount of One Million Dollars <br />($1,000,000) each occurrence, Two Million Dollars ($2,000,000) annual aggregate, <br />together with Three Million Dollars ($3,000.000) excess liability coverage, or such other <br />policy limits as Agency may require in its reasonable discretion, including coverage for <br />bodily injury, property damage, products, completed operations and contractual liability <br />coverage. Such policy or policies shall be written on an occurrence basis and shall <br />name the Indemnitees as additional insureds. <br />{b) a comprehensive automobile liability coverage in the amount of One <br />Million Dollars ($1,000,000), combined single limit including coverage for owned and <br />non-owned vehicles and shall furnish or cause to be furnished to Agency evidence <br />satisfactory to Agency that Owner and any contractor with whom Owner has contracted <br />for the performance of work on the Property or otherwise pursuant to this Agreement <br />carries workers' compensation insurance as required by law. Automobile liability <br />policies shall name the Indemnitees as additional insureds. <br />(c) Upon commencement of construction and continuing until issuance of a <br />Certificate of Completion, Owner and all contractors working on behalf of Owner shall <br />maintain a policy of builder's all-risk insurance in an amount not less than the full <br />insurable cost of the Project on a replacement cost basis naming Agency as loss <br />payee. Such insurance shall include coverage for risks of direct physical loss or <br />damage, excluding the perils of earthquake, earth movement, and flood. <br />(d) Upon completion of construction of the Project, Owner shall maintain <br />property insurance covering all risks of loss (other than earthquake and flood) for 100% <br />of the replacement value of the Project with deductible, if any, in an amount acceptable <br />to Agency, 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 <br />current A.M. Best's rating of no less than A: VII. The Commercial General Liability and <br />comprehensive automobile policies required hereunder shall name the Indemnitees as <br />additional insureds. Builder's Risk and property insurance shall name Agency and City <br />as loss payees as their interests may appear. <br />(f) Prior to commencement of construction, Owner shall furnish Agency with <br />certificates of insurance inform acceptable to Agency evidencing the required <br />insurance coverage and duly executed endorsements evidencing such additional <br />insured status. The certificates shall contain a statement of obligation on the part of <br />the carrier to notify City and Agency of any material adverse change, cancellation, <br />1t.°.cy~~-~ <br />