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5 <br /> 3239132.3 City Loan Agreement <br />3) Additional requirements. Each of the following shall be included in the insurance <br />coverage or added as a certified endorsement to the policy: <br />a. The Insurance shall cover on an occurrence or an occurrence basis, and <br />not on a claims-made basis. <br />b. City, its officers, officials, employees, and volunteers are to be covered as <br />additional insureds as respects: liability arising out of work or operations <br />performed by or on behalf of the Borrower; or automobiles owned, leased, <br />hired, or borrowed by the Borrower. <br />c. For any claims related to this Agreement or the work hereunder, the <br />Borrower’s insurance coverage shall be primary insurance as respects the <br />City, its officers, officials, employees, and volunteers. Any insurance or self- <br />insurance maintained by the City, its officers, officials, employees, or <br />volunteers shall be in excess of the Borrower’s insurance and shall not <br />contribute with it. <br />d. Each insurance policy required by this clause shall be endorsed to state <br />that coverage shall not be canceled by either party, except after 30 days’ <br />prior written notice has been provided to the City. <br />C. All Policies Requirements. <br />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 />2) Verification of coverage. Prior to commencing or authorizing the commencement of any <br />work under this Agreement, Borrower shall furnish City with complete copies of all <br />policies delivered to Borrower by the insurer, including complete copies of all <br />endorsements attached to those policies. All copies of policies and 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 Borrower <br />beginning work, it shall not waive the Borrower’s obligation to provide them. <br />3) Deductibles and Self-Insured Retentions. Borrower shall disclose to and obtain the <br />written approval of City for the self-insured retentions and deductibles before beginning <br />any of the services or work called for by any term of this Agreement. At the option of <br />the City, either: the insurer shall reduce or eliminate such deductibles or self-insured <br />retentions as respects the City, its officers, officials, employees, and volunteers; or the <br />Borrower 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 limit <br />(i.e. limit that is eroded by the cost of defense). <br />257