Affordable Housing Regulatory Agreement

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Exhibit "B" INSURANCE REQUIREMENTS Prior to initiating work on the Project and continuing throughout the term of this Agreement, Owner shall obtain and maintain the following policies of insurance and shall comply with all provisions set forth in this Exhibit. (a) Commercial General Liability. Owner shall maintain a commercial general liability policy including coverage for bodily injury, property damage, products, completed operations and contractual liability coverage with coverage limits in an amount equal to the greater of. (a) the amounts required by the construction and permanent lenders for the Project, or (b) Two Million Dollars ($2,000,000) each occurrence, Five Million Dollars ($5,000,000) annual aggregate, together with Three Million Dollars ($3,000,000) excess liability coverage, or such other policy limits as City may require in its reasonable discretion; provided however, the coverage requirements for subcontractors shall be One Million Dollars ($1,000,000) per occurrence. Such policy or policies shall be written on an occurrence basis and shall name the Indemnitees as additional insureds. (b) Automobile. Owner shall maintain a comprehensive automobile liability coverage in the amount of Two Million Dollars ($2,000,000), combined single limit including coverage for owned and non -owned vehicles. Automobile liability policies shall name the Indemnitees as additional insureds. (c) Worker's Compensation; Employer's Liability. Owner shall furnish to City evidence satisfactory to City that Owner (if it has any employees) and all contractors or subcontractors with whom Owner or the general contractor has contracted for the performance of work on the Property or otherwise pursuant to this Agreement, carries statutory Workers' Compensation insurance and Employer's Liability insurance in a minimum amount of One Million Dollars ($1,000,000) per accident. (d) Intentionally omitted. (e) Intentionally omitted. (f) Propelly. Owner shall maintain property insurance covering all risks of loss (including earthquake and flood (if required) for 100% of the replacement value of the Project with deductible, if any, in an amount acceptable to City, naming City as loss payee as its interests may appear. (g) Insurance Providers. Companies writing the insurance required hereunder shall be licensed to do business in the State of California. Insurance shall be placed with insurers with a current A.M. Best's rating of no less than A: VII. (h) Evidence of Insurance; Endorsements; Policies. Prior to the Effective Date of this Agreement, Owner shall furnish City with certificates of insurance in form acceptable to City evidencing the required insurance coverage required under paragraphs (a), (b), (c) and (f) above, REV: 02-25-2020 PR ATTY/AGR.2020.039/Premia 1180 Main Owner, LLC (Page 40 of 42)