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Consulting Services Agreement between City of San Leandro and Last revised [07/09/2025] <br />U.S. Bancorp Asset Management, Inc for Investment Management Services Page 7 of 16 <br />licensed professionals performing work pursuant to this Agreement in an amount <br />not less than $1,000,000.00 (One Million Dollars and 00 cents) per occurrence <br />or claim covering the licensed professionals’ errors and omissions. <br /> <br />5.3.2 Claims-Made Limitations. The following provisions shall apply if the professional <br />liability coverage is written on a claims-made form: <br /> <br />a. The retroactive date of the policy must be before the date of the <br />Agreement. <br /> <br />b. Insurance must be maintained and evidence of insurance must be <br />provided for at least five (5) years after completion of the Agreement or <br />the work, so long as commercially available at reasonable rates. <br /> <br />c. If coverage is canceled or not renewed and it is not replaced with another <br />claims-made policy form with a retroactive date that precedes the date of <br />this Agreement, Consultant shall purchase an extended period coverage <br />for a minimum of 5 years after completion of work under this Agreement. <br /> <br /> <br />5.3.3 Submittal Requirements. To comply with Subsection 5.3 (Professional Liability <br />Insurance), Consultant shall submit the Certificate of Liability Insurance in the <br />amounts specified in the section. <br /> <br /> <br />5.4 Cyber Liability Insurance. N/A <br /> <br /> <br />5.5 All Policies Requirements. <br /> <br />5.5.1 Acceptability of Insurers. All insurance required by this section is to be placed <br />with insurers with a Bests' rating of no less than A-(minus) VII. <br /> <br />5.5.2 Verification of Coverage. Prior to beginning any work under this Agreement, <br />Consultant shall furnish City with complete copies of all Certificates of Liability <br />Insurance delivered to Consultant by the insurer, including complete copies of the <br />required endorsements. All copies of Certificates of Liability Insurance and <br />certified 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 required <br />insurance documents prior to the Consultant beginning work, it shall not waive the <br />Consultant’s obligation to provide them. <br /> <br />5.5.3 Deductibles and Self-Insured Retentions. Consultant shall solely be <br />responsible for deductibles and self-insured retentions. <br /> <br />5.5.4 Wasting Policies. No policy required by this Section 5 shall include a “wasting” <br />policy limit (i.e. limit that is eroded by the cost of defense). <br />Docusign Envelope ID: 1D6D36AA-4F1E-4C09-A4F6-2607A53277FF