AgdaPkt 2004-06-21 - Laserfiche WebLink

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s! � -.�. �.� Agreement. The City may, at its election, provide equivalent coverage from any other source. c. Form of Policies - (1) All insurance provided pursuant to this Agreement shall, except as otherwise expressly provided: (A) be effected under a valid and enforceable policy or policies issued by insurers of recognized responsibility reasonably satisfactory to the Developer and the City or, in the case of the City, in lieu of such insurance, self- insurance through participation in a joint powers insurance authority or any other program of self-insurance; (B) as to property insurance, name as insured's the Developer, the City and the Agency, as their respective interest may appear, and as to e�neral liability and automobile liability insurance, name the other party (both the Citv and the Agency) as an additional insured; and (C) as to property insurance, be in an amount at least equal to one hundred percent (100%) of the then cunent replacement costs for the portion of the Developer's, the Agency's or the City's improvements being insured, including the cost of foundations, excavations and footings and without any deduction being made for depreciation, the adequacy of such insurance coverage to be evaluated by the Developer and the City not less frequently than every five (5) years from the anniversary date of the date of this Agreement; (2) So far as any policy or policies provide for payment of losses, to the extent allowed by law they shall provide or be to the legal effect that such losses payable to the Developer and the City shall be payable notwithstanding any act or negligence of the insured party; (3) Each policy shall provide that no cancellation, modification or termination thereof shall be effective until at least thirty (30) days after mailing or otherwise sending written notice thereof to the Developer and the City, and in all cases of nonpayment of premiums, ten (10) days after mailing or otherwise sending written notice thereof to both parties; and (4) The policies shall apply separately to each insured against whom claim is made or suit is brought, and to the extent insuring any party's indemnity obligations pursuant to this Agreement, shall be primary to any other insurance available to the additional insured's, as respects all liability arising out of the indemnifying party. d. Blanket Policies. The Developer and the City may satisfy their obligations under this Section, in whole or in part, by means of a so-called "blanket Policy" which is in conformity with this Section. e. Release and Waiver of Subrogation. The Developer and the City hereby waive all rights of recovery and causes of action, and release each other from any liability, from all losses and damages occasioned to the property of the other, which losses and damages are of the type covered under the policies required by this Section to the extent that said loss is reimbursed by an insurer. Each party shall include in the REDV1�0002\007-6. DOC 6\16\04 400 law 8