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18. Insurance.
<br /> 181 Developer shall, before the release of said Final Map by City for recordation,
<br /> obtain and maintain in full force and effect during the term of this Agreement, at Developer's
<br /> own expense and risk, Worker's Compensation, a general comprehensive liability insurance
<br /> policy, and owned, non-owned, and hired automobile liability insurance. The minimum amounts
<br /> of coverage corresponding to the aforesaid categories of insurance per insurable event shall be as
<br /> follows:
<br /> Insurance Category Minimum Limits
<br /> Workers' Compensation Statutory minimum.
<br /> Employer's Liability $ 1 ,000,000.00 per accident for bodily injury or disease.
<br /> Commercial General Liability $1,000,000.00 per occurrence, $2,000,000.00 aggregate for
<br /> bodily injury, personal injury and property damage.
<br /> Automobile Liability $2,000,000.00 per occurrence for bodily injury and property
<br /> damage (coverage required to the extent applicable to
<br /> Contractor's vehicle usage in performing work hereunder).
<br /> 18 2 Any deductibles or self-insured retentions must be declared to, and approved by
<br /> City. At the option of City either Developer's insurer shall reduce or eliminate the deductibles or
<br /> self-insured retentions with respect to City, it's Council, commissions, boards, committees,
<br /> officers, employees and agents or Developer shall procure a bond guaranteeing payment of losses
<br /> and related investigations, claim administration and defense expenses.
<br /> 18 3 Concurrently with the execution of this Agreement, Developer shall furnish City
<br /> with certificates and copies of information or declaration pages of the insurance required
<br /> hereunder and, with respect to evidence of commercial general liability and automobile liability
<br /> insurance coverage, original endorsements:
<br /> (a) Precluding cancellation or reduction in coverage before the
<br /> expiration of thirty (30) days after City shall have received written notification of
<br /> cancellation or reduction in coverage by first class mail, postage prepaid;
<br /> (b) Providing that Developer's insurance shall apply separately to
<br /> each insured against whom claim is made or suit is brought, except with respect
<br /> to the limits of the insurer's liability (cross liability endorsements);
<br /> (c) Naming City, its Council, commissions, boards, committees,
<br /> officers, employees and agents as additional insureds; and
<br /> (d) Providing that Developer's insurance shall be primary insurance
<br /> relating to Contractor's work hereunder with respect to City, its Council,
<br /> commissions, boards, committees, officers, employees and Agents, and further
<br /> providing that any insurance or self-insurance maintained by City for itself, its
<br /> Council, commissions, boards, committees, officers, employees and agents shall
<br /> be excess of Developer's insurance and shall not be contributory with it. Such
<br /> insurance shall also specifically insure any contractual liability assumed by
<br /> REV: 10-12-15 VR
<br /> Page 8 of19
<br /> ATTY/AGR.2015.229/Premia 550 Owner, LLC
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