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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:Vll. <br /> 2) Verification of coverage. Prior to commencing or authorizing the commencement of <br /> any work under this Agreement, Participant shall furnish City with complete copies of <br /> all policies delivered to Participant by the insurer, including complete copies of all <br /> endorsements attached to those policies. All copies of policies and endorsements <br /> shall show the signature of a person authorized by that insurer to bind coverage on its <br /> behalf. If the City does not receive the required insurance documents prior to the <br /> Participant beginning work, it shall not waive the Participant's obligation to provide <br /> them. The City reserves the right to require complete copies of all required insurance <br /> policies at any time. <br /> 3) Deductibles and Self-insured Retentions. Participant shall disclose to and obtain the <br /> written approval of City for the self-insured retentions and deductibles before <br /> beginning any of the services or work called for by any term of this Agreement. At the <br /> option of the City, either: the insurer shall reduce or eliminate such deductibles or self- <br /> insured retentions as respects the City, its officers, employees, and volunteers; or the <br /> Participant shall provide a financial guarantee satisfactory to the City guaranteeing <br /> payment of losses and related investigations, claim administration and defense <br /> expenses. <br /> 4) Wasting Policies. No policy required by this Section shall include a "wasting" policy <br /> limit(i.e. limit that is eroded by the cost of defense). <br /> 5) Waiver of Subrogation. Participant hereby agrees to waive subrogation which any <br /> insurer or contractor may require from vendor by virtue of the payment of any loss. <br /> Participant agrees to obtain any endorsements that may be necessary to affect this <br /> waiver of subrogation. <br /> The Workers' Compensation policy shall be endorsed with a waiver of subrogation <br /> in favor of the entity for all work performed by the Participant, its employees, agents, <br /> and subcontractors. <br /> D. Subcontractors. Participant shall include all subcontractors as insureds under its policies or <br /> shall furnish separate certificates and endorsements for each subcontractor. All coverages for <br /> subcontractors shall be subject to all of the requirements stated herein. <br /> E. The Risk Manager of City may approve a variation in those insurance requirements upon a <br /> determination that the coverages, scope, limits and forms of such insurance are either not <br /> commercially available or that the City's interests are otherwise fully protected. <br /> 5. PARTICIPANT NO AGENT. Except as City may specify in writing, Participant shall have no <br /> authority, express or implied, to act on behalf of City in any capacity whatsoever as an agent. Participant <br /> shall have no authority, express or implied, pursuant to this Agreement to bind City to any obligation <br /> whatsoever. <br /> F-3 General Provisions <br /> Capital Improvement Loan Agreement-HCEB <br />