Laserfiche WebLink
provided under a form of coverage that includes an annual aggregate limit or provides that claims <br />investigation or legal defense costs are included in such annual aggregate limit, such annual <br />aggregate limit shall be three times the occurrence limits specified above. <br />(1) Deductibles/Retentions. Any deductibles or self-insured retentions shall be <br />declared to, and shall be subject to approval by the City's Risk Manager. At the option of and <br />upon request by the City's Risk Manager if the Risk Manager determines that such deductibles or <br />retentions are unreasonably high, either the insurer shall reduce or eliminate such deductibles or <br />self-insurance retentions as respects the Indemnitees or Owner shall procure a bond guaranteeing <br />payment of losses and related investigations, claims administration and defense expenses. <br />(m) Adjustments. The limits of the liability coverage and, if necessary, the terms and <br />conditions of insurance, shall be reasonably adjusted from time to time (not less than every five <br />(5) years after the Effective Date nor more than once in every three (3) year period) to address <br />changes in circumstances, including, but not limited to, changes in inflation and the litigation <br />climate in California, provided that such adjustments are consistent with generally prevailing <br />requirements for residential multi -family developments similar to the Project and located in the <br />San Mateo County area. Within thirty (30) days following City's delivery of written notice of <br />any such adjustments, Owner shall provide City with amended or new insurance certificates and <br />endorsements evidencing compliance with such adjustments. <br />(n) Additional Insured Coverage; Liability Limits. For all liability insurance required <br />by this Agreement, Owner (and Owner's contractors, as applicable) shall obtain endorsements that <br />name the Indemnitees as additional insured in the full amount of all applicable policies, <br />notwithstanding any lesser minimum limits specified in this Agreement. This Agreement requires <br />Owner (and Owner's contractors) to obtain and provide for the benefit of the Indemnitees, <br />additional insured coverage in the same amount of insurance carried by Owner (or Owner's <br />contractors, as applicable), but in no event less than the minimum amounts specified in this <br />Agreement. In the event that Owner (or Owner's contractors as applicable) obtains insurance <br />policies that provide liability coverage in excess of the amounts specified in this Agreement, the <br />actual limits provided by such policies shall be deemed to be the amounts required under this <br />Agreement. Without limiting the foregoing, the limits of liability coverage specified in this <br />Agreement are not intended, nor shall they operate, to limit City's ability to recover amounts in <br />excess of the minimum amounts specified in this Agreement. <br />OAK #4820-8711-2085 v4 35 <br />ATTY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement <br />