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claims made policy form with a retroactive date prior to the Effective Date, Owner must purchase, <br />or require the provision of, extended period coverage for a minimum of three (3) years after <br />completion of construction. <br />(f) Prope . Commencing upon completion of construction of the Project, Owner <br />shall maintain property insurance covering all risks of loss (including earthquake and flood (if <br />required) for 100% of the replacement value of the Project with deductible, if any, in an amount <br />acceptable to City, naming City as loss payee as its interests may appear. <br />(g) Insurance Providers. Companies writing the insurance required hereunder shall be <br />licensed to do business in the State of California. Insurance shall be placed with insurers with a <br />current A.M. Best's rating of no less than A: VII. <br />(h) Evidence of Insurance; Endorsements; Policies. Prior to the Effective Date of this <br />Agreement, Owner shall furnish City with certificates of insurance in form acceptable to City <br />evidencing the required insurance coverage required under paragraphs (a), (b), (c), (e), and (f) <br />above, duly executed endorsements evidencing the Indemnitees' status as additional insured, and <br />all other endorsements and coverage required hereunder pertaining to such coverage. Prior to <br />commencement of Project construction, Owner shall furnish City with certificates of insurance in <br />form acceptable to City evidencing the insurance coverage required under paragraph (d) above. <br />All insurance certificates shall contain a statement of obligation on the part of the carrier to notify <br />City of any material adverse change, cancellation, termination or non -renewal of the coverage at <br />least thirty (30) days in advance of the effective date of any such material adverse change, <br />cancellation, termination or non -renewal. Upon City's request, Owner shall, within thirty (30) <br />days of the request, provide or arrange for the insurer to provide to City, complete certified copies <br />of all insurance policies required under this Agreement. City's failure to make such request shall <br />not constitute a waiver of the right to require delivery of the policies in the future. <br />(i) Additional Insured Endorsements. The additional insured endorsements for the <br />general liability coverage shall use Insurance Services Office (ISO) Form No. CG 20 09 11 85 or <br />CG 20 10 11 85, or equivalent, including (if used together) CG 2010 10 01 and CG 2037 10 01; <br />but shall not use the following forms: CG 20 10 10 93 or 03 94. Upon request by City's Risk <br />Manager, Owner shall provide or arrange for the insurer to provide within forty-five (45) days of <br />the request, certified copies of the actual insurance policies or relevant portions thereof. <br />0) Reinstatement. If any insurance policy or coverage required hereunder is canceled <br />or reduced, Owner shall, within five (5) days after receipt of notice of such cancellation or <br />reduction in coverage, but in no event later than the effective date of cancellation or reduction, file <br />with City a certificate showing that the required insurance has been reinstated or provided through <br />another insurance company or companies. Upon failure to so file such certificate, City may, <br />without further notice and at its option, procure such insurance coverage at Owner's expense, and <br />Owner shall promptly reimburse City for such expense upon receipt of billing from City. <br />(k) Primary Coverage; Waiver of Subrogation; Annual Aggregate Limits. All <br />coverage shall be primary insurance and shall not be contributing with any insurance, or self- <br />insurance maintained by City, and the policies shall so provide. Each insurance policy shall <br />contain a waiver of subrogation for the benefit of the City. If any of the required insurance is <br />OAK #4820-8711-2085 v4 34 <br />ATTY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement <br />