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Exhibit B <br />IwKIII-mull L o[IIU17gi5iow IT.y <br />Prior to initiating work on the Project and continuing throughout the term of this <br />Agreement, Owner shall obtain and maintain the following policies of insurance and shall comply <br />with all provisions set forth in this Exhibit. <br />(a) Commercial General Liability. Owner (and until the City Building Department <br />signs off on the final inspection of the Project all contractors and subcontractors working on <br />behalf of Owner on the Project) shall maintain a commercial general liability policy including <br />coverage for bodily injury, property damage, products, completed operations and contractual <br />liability coverage with coverage limits in an amount equal to the greater of: (a) the amounts <br />required by the construction and permanent lenders for the Project, or (b) 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; provided however, the coverage requirements for <br />subcontractors shall be One Million Dollars ($1,000,000) per occurrence. Such policy or policies <br />shall be written on an occurrence basis and shall name the Indemnitees as additional insureds. <br />(b) Automobile. Owner (and until the City Building Department signs off on the final <br />inspection of the Project, all contractors and subcontractors working on behalf of Owner on the <br />Project) shall maintain a comprehensive automobile liability coverage in the amount of Two <br />Million Dollars ($2,000,000), combined single limit including coverage for owned and non - <br />owned vehicles. Automobile liability policies shall name the Indemnitees as additional insureds. <br />(c) Worker's Compensation: Employer's Liability. Owner shall furnish to City <br />evidence satisfactory to City that Owner (if it has any employees) and all contractors or <br />subcontractors with whom Owner or the general contractor has contracted for the performance of <br />work on the Property or otherwise pursuant to this Agreement, carnes statutory Workers' <br />Compensation insurance and Employer's Liability insurance in a minimum amount of One <br />Million Dollars ($1,000,000) per accident. <br />(d) Builder's Risk. Upon commencement of construction work and continuing until <br />the City Building Department signs off on the final inspection of the Project, Owner and all <br />contractors working on behalf of Owner shall maintain a policy of builder's all-risk insurance in <br />an amount not less than the full insurable cost of the Project on a replacement cost basis with City <br />named as lender's loss payee. <br />(e) Professional Liability/Errors and Omissions. Owner shall require the Project <br />architect, engineer, and general contractor to maintain Professional Liability/Errors and Omissions <br />insurance with limits not less than Two Million Dollars ($2,000,000) each claim. Certificates <br />evidencing this coverage must reference both the Owner and the Indemnitees. If the professional <br />liability/errors and omissions insurance is written on a claims made form: (i) the retroactive date <br />must be shown and must be before the Effective Date, (ii) insurance must be maintained and <br />evidence of insurance must be provided for at least three (3) years after completion of Project <br />construction, and (iii) if coverage is cancelled or non -renewed and not replaced with another <br />OAK 84820-8711-2085 v4 33 <br />ATTY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement <br />