AgdaPkt 2016-07-25 Closed and Joint SA PFA

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REV: 07-13-16 VR Page 3 of 6 Bankor Bank’s agents, representatives, employees. The insurance carrier is required to maintain an A.M. Best rating of not less than “A-: VII”. 9.1Coveragesand Limits.Bank, at its sole expense, shall maintain the types of coverages and minimum limits indicated below, unless otherwise approved by City in writing. These minimum amounts of coverage will not constitute any limitations or cap on Bank's indemnification obligations under this Agreement. 9.1.1Commercial General Liability Insurance.Bankshall maintain occurrence based coverage with limits not less than $1,000,000 per occurrence. If the submitted policies contain aggregate limits, such limits willapply separately to the Services, project, or location that is the subject of this Agreement or the aggregate willbe twice the required per occurrence limit. The Commercial General Liability insurance policy shall be endorsed to include the City, its officers, agents, employees and volunteers as additional insureds, and to state that the insurance will be primary and not contribute with any insurance or self-insurance maintained by the City. 9.1.2Business Automobile Liability Insurance.Bankshallmaintain coverage with limits not less than $1,000,000 per each accident for owned, hired and non-owned automobiles. 9.1.3Workers' Compensation Insurance.Bankshall maintain coverage as required by the California Labor Code. 9.1.4Employer's Liability Insurance.Bankshall maintain coverage with limits not less than $1,000,000 per each accident for bodily injury or disease. 9.1.5 Professional Liability Insurance. Bankshall maintain coverage with limits not less than $1,000,000 per occurrence. Professional Liability may be written as claims- made coverage. 9.2.Notice of Cancellation. This insurance will be in force during the life of the Agreement and any extensions of it and will not be canceled without Bankproviding thirty (30) days prior written notice to City sent pursuant to the Notice provisions of this Agreement. 9.3Providing Certificates of Insurance and Endorsements. Prior to City’s execution of this Agreement, Bankshall provide to City certificates of insurance and above- referenced endorsements sufficient to satisfaction of City’s Risk Manager. In no event shall Bankcommence any work or provide any Services under this Agreement until certificates of insurance and endorsements have been accepted by City’s Risk Manager. 9.4 Failure to Maintain Coverage. If Bankfails to comply with these insurance requirementsfollowing a 30 day period in which to remedy any non-compliance, then City will have the option to declare Bankin breach, or may purchase replacement ATTY/AGR/2016.186/WELLS FARGO BANKING AGREEMENT 6.1.H. - Page 5