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that any required insurance policy will lapse or be cancelled. At least <br />ten days before an insurance policy held by the grantee lapses or is <br />cancelled, the grantee shall provide the Authority with evidence of <br />renewal or replacement of the policy. <br /> <br />b. The grantee hereby grants to the Authority, its officers, agents, <br />employees, and volunteers, a waiver of any right to subrogation which <br />any insurer of the grantee may acquire against the Authority, its officers, <br />agents, employees, and volunteers, by virtue of the payment of any loss <br />under such insurance. Grantee agrees to obtain any endorsement that <br />may be necessary to effect this waiver of subrogation, but this provision <br />applies regardless of whether or not the grantee has received a waiver of <br />subrogation endorsement from the insurer. <br /> <br />c. The general liability and automobile liability policies are to contain, or to <br />be endorsed to contain, the following provisions: <br /> <br />i. The Authority, its officers, agents and employees are to be <br />covered as additional insureds with respect to liability arising out <br />of automobiles owned, leased, hired or borrowed by or on behalf <br />of the grantee; and with respect to liability arising out of work or <br />operations, including completed operations, performed by or on <br />behalf of the grantee including materials, parts or equipment <br />furnished in connection with such work or operations. <br /> <br />ii. For any claims related to this agreement, the grantee’s insurance <br />coverage shall be primary insurance with respect to the <br />Authority, its officers, agents and employees, and not excess to <br />any insurance or self-insurance of the Authority. <br /> <br />iii. The limits of the additional insured coverage shall equal the <br />limits of the named insured coverage regardless of whether the <br />limits of the named insurance coverage exceed those limits <br />required by this agreement. <br /> <br />d. Coverage shall not extend to any indemnity coverage for the active <br />negligence of the additional insured in any case where an agreement to <br />indemnify the additional insured would be invalid under Subdivision (b) <br />of Section 2782 of the Civil Code. <br /> <br />5. Acceptability of Insurers. Insurance shall be placed with insurers admitted to <br />transact business in the State of California and having a current Best’s rating of <br />“B+:VII” or better or, in the alternative, acceptable to the Authority and <br />approved in writing by the Executive Officer. <br />33