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Page 7 <br />c. If coverage is canceled or not renewed and it is not replaced <br />with another claims-made policy form with a retroactive date <br />that precedes the date of this Agreement, Consultant shall <br />purchase an extended period coverage for a minimum of 5 <br />years after completion of work under this Agreement. <br /> <br />d. A copy of the claim reporting requirements must be submitted <br />to the City for review prior to the commencement of any work <br />under this Agreement. <br /> <br />4.3.3 Submittal Requirements. To comply with Subsection 4.3, Consultant <br />shall submit the Certificate of Liability Insurance in the amounts <br />specified in the section. <br /> <br />4.4 Reserved. <br /> <br />4.5 All Policies Requirements. <br /> <br />4.5.1 Acceptability of Insurers. All insurance required by this section is to <br />be placed with insurers with a Bests' rating of no less than A:VII. <br /> <br />4.5.2 Verification of Coverage. Prior to beginning any work under this <br />Agreement, Consultant shall furnish City with complete copies of all <br />Certificates of Liability Insurance delivered to Consultant by the insurer, <br />including complete copies of all endorsements attached to the policies. <br />All copies of Certificates of Liability Insurance and certified <br />endorsements shall show the signature of a person authorized by that <br />insurer to bind coverage on its behalf. If the City does not receive the <br />required insurance documents prior to the Consultant beginning work, <br />it shall not waive the Consultant’s obligation to provide them. The City <br />reserves the right to require complete copies of all required insurance <br />policies at any time. <br /> <br />4.5.3 Deductibles and Self-Insured Retentions. Consultant shall disclose to <br />and obtain the written approval of City for the self-insured retentions <br />and deductibles before beginning any of the services or work called for <br />by any term of this Agreement. At the option of the City, either: the <br />insurer shall reduce or eliminate such deductibles or self-insured <br />retentions as respects the City, its officers, employees, and volunteers; <br />or the Consultant shall provide a financial guarantee satisfactory to the <br />City guaranteeing payment of losses and related investigations, claim <br />administration and defense expenses. <br /> <br />4.5.4 Wasting Policies. No policy required by this Section 4 shall include a <br />“wasting” policy limit (i.e. limit that is eroded by the cost of defense). <br /> <br />4.5.5 Endorsement Requirements. Each insurance policy required by <br />Section 4 shall be endorsed to state that coverage shall not be canceled by