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Attachment B <br />INSURANCE REQUIREMENTS <br />Prior to initiating work on the Project and continuing through throughout the term of this <br />Agreement, Owner shall obtain and maintain the following policies of insurance: <br />(a) a commercial general liability policy in the amount of Two Million Dollars <br />($2,000,000) each occurrence, Five Million Dollars ($5,000,000) annual aggregate, together with <br />Three Million Dollars ($3,000,000) excess liability coverage, or such other policy limits as City <br />may require in its reasonable discretion, including coverage for bodily injury, property damage, <br />products, completed operations and contractual liability coverage. Such policy or policies shall <br />be written on an occurrence basis and shall name the Indemnitees as additional insureds. <br />(b) a comprehensive automobile liability coverage in the amount of Two Million <br />Dollars ($2,000,000), combined single limit including coverage for owned and non -owned <br />vehicles and shall furnish or cause to be furnished to City evidence satisfactory to City that <br />Owner and any contractor with whom Owner has contracted for the performance of work on the <br />Property or otherwise pursuant to this Agreement carries workers' compensation insurance as <br />required by law. Automobile liability policies shall name the Indemnitees as additional insureds. <br />(c) Owner and Owner's general partners shall furnish or cause to be furnished to City <br />evidence satisfactory to City that Owner and any contractor with whom Owner has contracted for <br />the performance of work on the Property or otherwise pursuant to this Agreement carries <br />statutory Workers' Compensation insurance and Employer's Liability insurance in a minimum <br />amount of One Million Dollars ($1,000,000) per accident. <br />(d) Upon commencement of construction and continuing until issuance of a <br />Certificate of Completion, Owner and all contractors working on behalf of Owner shall maintain <br />a policy of builder's all-risk insurance in an amount not less than the full insurable cost of the <br />Project on a replacement cost basis naming City as loss payee. <br />(e) Upon completion of Project construction, Owner shall maintain property <br />insurance covering all risks of loss (other than earthquake), including flood for 100% of the <br />replacement value of the Project with deductible, if any, in an amount acceptable to City, naming <br />City as loss payee. <br />(f) Companies writing the insurance required hereunder shall be licensed to do <br />business in the State of California. Insurance shall be placed with insurers with a current A.M. <br />Best's rating of no less than A: V11. The Commercial General Liability and comprehensive <br />automobile policies required hereunder shall name the Indemnitces as additional insureds. <br />Builder's Risk and property insurance shall name City as loss payee as its interests may appear. <br />(g) Prior to commencement of construction, Owner shall furnish City with certificates <br />of insurance in form acceptable to City evidencing the required insurance coverage and duly <br />executed endorsements evidencing such additional insured status. The certificates shall contain a <br />statement of obligation on the part of the carrier to notify City of any material adverse change, <br />ATY/AGR/2017.218/RWC — BRADFORD — DDA <br />REV: 09-18-17 VR <br />Page 87 of 94 <br />