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5 <br />6.2.4 Submittal Requirements. To comply with Subsection 6.2, Contractor shall submit the <br />Certificate of Liability Insurance in the amounts specified in the section. <br />6.3 All Policies Requirements. <br />6.3.1 Acceptability of Insurers. All insurance required by this section is to be placed with insurers <br />with a Bests' rating of no less than A:VII. <br />6.3.2 Verification of Coverage. Prior to beginning any work under this Agreement, Contractor <br />shall furnish City with complete copies of all Certificates of Liability Insurance delivered to <br />Contractor 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. If <br />the City does not receive the required insurance documents prior to the Contractor beginning <br />work, it shall not waive the Contractor’s obligation to provide them. The City reserves the <br />right to require complete copies of all required insurance policies at any time. <br />6.3.3 Deductibles and Self-Insured Retentions. Contractor shall disclose to and obtain the <br />written approval of City for the self-insured retentions and deductibles before beginning any of <br />the services or work called for by any term of this Agreement. At the option of the City, either: <br />the insurer shall reduce or eliminate such deductibles or self-insured retentions as respects <br />the City, its officers, employees, and volunteers; or the Contractor shall provide a financial <br />guarantee satisfactory to the City guaranteeing payment of losses and related investigations, <br />claim administration and defense expenses. <br />6.3.4 Wasting Policies. No policy required by this Section 6 shall include a “wasting” policy limit <br />(i.e. limit that is eroded by the cost of defense). <br />6.3.5 Endorsement Requirements. Each insurance policy required by Section 6 shall be endorsed <br />to state that coverage shall not be canceled by either party, except after 30 days’ prior written notice <br />has been provided to the City. <br />6.3.6 Subcontractors. Contractor shall include all subcontractors as insureds under its policies or <br />shall furnish separate certificates and certified endorsements for each subcontractor. All <br />coverages for subcontractors shall be subject to all of the requirements stated herein. <br />6.4 Submittal of Proof of Insurance Coverage. All certificates of insurance and original endorsements <br />effecting coverage required in this Section 6 must be electronically submitted through the City’s online <br />insurance document management program, PINS Advantage. Contractor shall comply with all <br />requirements provided by City related to the PINS Advantage program. <br />6.5 Remedies. In addition to any other remedies City may have if Contractor fails to provide or maintain <br />any insurance policies or policy endorsements to the extent and within the time herein required, City <br />may, at its sole option exercise any of the following remedies, which are alternatives to other remedies <br />City may have and are not the exclusive remedy for Contractor’s breach: <br /> Obtain such insurance and deduct and retain the amount of the premiums for such insurance from <br />any sums due under the Agreement; <br /> Order Contractor to stop work under this Agreement or withhold any payment that becomes due to <br />Contractor hereunder, or both stop work and withhold any payment, until Contractor demonstrates <br />compliance with the requirements hereof; and/or <br /> Terminate this Agreement. <br /> <br />DocuSign Envelope ID: C1BEC7AE-5DE9-4462-B82D-2CCCFD5A9C7F