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- 11 <br />CDBG Consulting Services Agreement <br />for Neighborhood Solutions FY16-17 <br /> (4) Any failure of Consultant to comply with reporting provisions of the policy shall not <br />affect coverage provided to City and its officers, employees, agents, and volunteers. <br /> <br />(5) An endorsement shall state that coverage shall not be suspended, voided, canceled <br />by either party, reduced in coverage or in limits, except after thirty (30) days' prior written notice by certified mail, return <br />receipt requested, has been given to City. <br /> <br />6.4 Professional Liability Insurance. <br /> <br />a. General requirements. Consultant, at its own cost and expense, shall maintain for the period <br />covered by this Agreement professional liability insurance for license professionals performing work pursuant to this <br />Agreement in an amount not less than ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) covering the license <br />professionals’ errors and omissions. Any deductible or self-insured retention shall not exceed One Hundred and Fifty <br />Thousand Dollars ($150,000) per claim. <br /> <br /> b. Claims-made limitations. The following provisions shall apply if the professional liability <br />coverage is written on a claims-made form: <br /> <br />(1) The retroactive date of the policy must be shown and must be before the date of the <br />Agreement. <br /> <br />(2) Insurance must be maintained and evidence of insurance must be provided for at least <br />five (5) years after completion of the Agreement or the work, so long as commercially available at reasonable rates. <br /> <br />(3) If coverage is cancelled or not renewed and it is not replaced with another claims- <br />made policy form with a retroactive date that precedes the date of this Agreement, Consultant must purchase an <br />extended period coverage for a minimum of five years after completion of work under this Agreement. <br /> <br />(4) A copy of the claim reporting requirements must be submitted to the City for review <br />prior to the commencement of any work under this Agreement. <br /> <br /> 6.5 All Policies Requirements. <br /> <br />a. Acceptability of insurers. All insurance required by this section are to be placed with insurers <br />with a Bests’ rating of no less than A:VII. <br /> <br />b. Verification of coverage. Prior to beginning any work under this Agreement, Consultant shall <br />furnish City with complete copies of all policies delivered to Consultant by insurer, including complete copies of all <br />endorsements attached to those policies. All copies of policies and endorsements shall show the signature of a <br />person authorized by that insurer to bind coverage on its behalf. If City does not receive the required insurance <br />documents prior to Consultant beginning work, it shall not waive Consultant’s obligations to provide them. City <br />reserves the right to not require complete copies of all required insurance policies at any time. <br /> <br />c. Deductibles and Self-Insured Retentions. Consultant shall disclose to an obtain the written <br />approval of City for the self-insured retentions and deductibles before beginning any of the services or work called for <br />by any term of this Agreement. At the option of City, either: the insurer shall reduce of eliminate such deductibles or <br />self-insured retentions as respects City, its officers, employees, and volunteers; or Consultant shall provide a financial <br />guarantee satisfactory to City guaranteeing payment of losses and related investigations, claim administration and <br />defense expenses. <br /> <br />d. Wasting Policies. No policy required by this section shall include a “wasting” policy limit (i.e. <br />limit that is eroded by the cost of defense). <br /> <br />e. Subcontractors. Consultant shall include all subcontractors as insureds under its policies or <br />shall furnish separate certificates and endorsements for each subcontractor. All coverages for subcontractors shall <br />be subject to all of the requirements stated herein.