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2890662.3 27 <br />coverage. Such policy or policies shall be written on an occurrence basis and shall name the <br />Indemnitees as additional insureds. <br />(b) Developer and all contractors working on behalf of Developer shall maintain a <br />comprehensive automobile liability coverage in the amount of One Million Dollars ($1,000,000), <br />combined single limit including coverage for owned and non-owned vehicles and shall furnish or <br />cause to be furnished to City evidence satisfactory to City that Developer and any contractor <br />with whom Developer has contracted for the performance of work on the Property or otherwise <br />pursuant to this Agreement carries workers' compensation insurance as required by law. <br />Automobile liability policies shall name the Indemnitees as additional insureds. <br />(c) Upon commencement of construction and continuing until issuance of a <br />Certificate of Completion, Developer and all contractors working on behalf of Developer shall <br />maintain a policy of builder's all-risk insurance in an amount not less than the full insurable cost <br />of the Project on a replacement cost basis naming City as a loss payee. <br />(d) Developer shall maintain property insurance covering all risks of loss (other than <br />earthquake), including flood (if required) for 100% of the replacement value of the Project with <br />deductible, if any, in an amount acceptable to City, naming City as a loss payee. <br />(e) Companies writing the insurance required hereunder shall be licensed to do <br />business in the State of California. Insurance shall be placed with insurers with a current A.M. <br />Best's rating of no less than A-VIII. 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 a loss payee. <br />(f) Prior to closing of the Loan, Developer shall furnish City with certificates of <br />insurance in form acceptable to City evidencing the required insurance coverage and duly <br />executed endorsements evidencing such additional insured status. The certificates shall contain a <br />statement of obligation on the part of the carrier to notify City of any material adverse change, <br />cancellation, termination or non-renewal of the coverage at least thirty (30) days in advance of <br />the effective date of any such material adverse change, cancellation, termination or non-renewal. <br />(g) If any insurance policy or coverage required hereunder is canceled or reduced, <br />Developer shall, within fifteen (15) days after receipt of notice of such cancellation or reduction <br />in coverage, but in no event later than the effective date of cancellation or reduction, file with <br />City a certificate showing that the required insurance has been reinstated or provided through <br />another insurance company or companies. Upon failure to so file such certificate, City may, <br />without further notice and at its option, procure such insurance coverage at Developer’s expense, <br />and Developer shall promptly reimburse City for such expense upon receipt of billing from City. <br />(h) Coverage provided by Developer shall be primary insurance and shall not be <br />contributing with any insurance, or self-insurance maintained by City, and the policies shall so <br />provide. The insurance policies shall contain a waiver of subrogation for the benefit of the City. <br />Developer shall furnish the required certificates and endorsements to City prior to the <br />49