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agreement because of the acceptance by City, or the deposit with City by Borrower, of any of the <br /> insurance policies described in this Agreement. <br /> 10.2 Liability and Workers Compensation Insurance. <br /> (a) Prior to initiating work on the Project and continuing through completion <br /> of the rehabilitation of the Project. Borrower and all contractors working on behalf of Borrower <br /> on the Project shall maintain a commercial general liability policy in the amount of One Million <br /> Dollars ($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 policy <br /> limits as City may require in its reasonable discretion, including coverage for bodily injury, <br /> property damage, products, completed operations and contractual liability coverage. Such policy <br /> or policies shall be written on an occurrence basis and shall name the Indemnitees as additional <br /> insureds. <br /> (b) Until completion of the rehabilitation of the Project, Borrower and all <br /> contractors working on behalf of Borrower shall maintain a comprehensive automobile liability <br /> coverage in the amount of One Million Dollars ($1,000,000), combined single limit including <br /> coverage for owned and non -owned vehicles and shall furnish or cause to be furnished to City <br /> evidence satisfactory to City that Borrower and any contractor with whom Borrower has . <br /> contracted 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 policies shall <br /> name the Indemnitees as additional insureds. <br /> (c) Upon commencement of construction work and continuing completion of <br /> the rehabilitation of the Project, Borrower and all contractors working on behalf of Borrower <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 City as loss payee. <br /> (d) Borrower shall maintain property insurance covering all risks of loss <br /> (other than earthquake), including flood (if required) for 100% of the replacement value oldie <br /> Project with deductible, if any, in an amount acceptable to City, naming City 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 City as loss payees as their interests may <br /> appear. <br /> (() Prior to commencement of construction work, Borrower shall furnish City <br /> with certificates of insurance in form acceptable to City evidencing the required insurance <br /> coverage and duly executed endorsements evidencing such additional insured status. The <br /> certificates shall contain a statement of obligation on the part of the carrier to notify City of any <br /> material adverse change, cancellation, termination or non - renewal of the coverage at least thirty <br /> (30) days in advance of the effective date of any such material adverse change, cancellation, <br /> termination or non - renewal. <br /> 1755895.3 27 <br />