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4.3 Professional Liability Insurance. <br />4.3.1 General Requirements. Consultant, at its own cost and expense, shall maintain for the <br />period covered by this Agreement professional liability insurance for licensed <br />professionals performing work pursuant to this Agreement in an amount not less than <br />$1,000,000 covering the licensed professionals’ errors and omissions. Any deductible or <br />self-insured retention shall not exceed $150,000 per claim. <br />4.3.2 Claims-Made Limitations. The following provisions shall apply if the professional liability <br />coverage is written on a claims-made form: <br />a. The retroactive date of the policy must be shown and must be before the date of <br />the Agreement. <br />b. Insurance must be maintained and evidence of insurance must be provided for at <br />least 5 years after completion of the Agreement or the work, so long as <br />commercially available at reasonable rates. <br />c. If coverage is canceled 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 <br />Agreement, Consultant shall purchase an extended period coverage for a <br />minimum of 5 years after completion of work under this Agreement. <br />d. A copy of the claim reporting requirements must be submitted to the City for <br />review prior to the commencement of any work under this Agreement. <br />4.3.3 Additional Requirements. A certified endorsement to include contractual liability shall <br />be included in the policy. <br />4.3.4 Submittal Requirements. To comply with Subsection 4.3, Consultant shall submit the <br />Certificate of Liability Insurance in the amounts specified in the section. <br />4.4 All Policies Requirements. <br />4.4.1 Acceptability of Insurers. All insurance required by this section is to be placed with <br />insurers with a Bests' rating of no less than A:VII. <br />4.4.2 Verification of Coverage. Prior to beginning any work under this Agreement, Consultant <br />shall furnish City with complete copies of all Certificates of Liability Insurance delivered to <br />Consultant by the insurer, including complete copies of all endorsements attached to the <br />policies. All copies of Certificates of Liability Insurance and certified endorsements shall <br />show the signature of a person authorized by that insurer to bind coverage on its behalf. <br />If the City does not receive the required insurance documents prior to the Consultant <br />beginning work, it shall not waive the Consultant’s obligation to provide them. The City <br />reserves the right to require complete copies of all required insurance policies at any time. <br />4.4.3 Deductibles and Self-Insured Retentions. Consultant shall disclose to and obtain the <br />written approval of City for the self-insured retentions and deductibles before beginning