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18.4 Builder's Risk Insurance. Upon commencement of construction and <br />with approval of City, Developer shall obtain and maintain builder's risk/course of <br />construction insurance. Policy shall be provided for replacement value on an "all-risk" <br />basis. The City shall be named as loss payee on the policy and there shall be no <br />coinsurance penalty provision in any such policy. Policy must include: (1) coverage for <br />removal of debris, and insuring the buildings, structures, machinery, equipment, <br />materials, facilities, fixtures, and all other properties constituting a part of the project; (2) <br />coverage with limits sufficient to insure the full replacement value of any property or <br />equipment stored either on or off the project site. Such insurance shall be on a form <br />acceptable to City to ensure adequacy of terms and limits. Developer shall not be <br />required to maintain property insurance for the Improvements or applicable portion <br />thereof following acceptance thereof by City. <br />18.5 Contractors Pollution Liability. Pollution coverage shall be provided <br />on a contractor's pollution liability form or other form acceptable to City providing <br />coverage for liability arising out of sudden, accidental and gradual pollution and <br />remediation. The policy limit shall be no less than one million dollars ($1,000,000) per <br />claim and in the aggregate. All activities contemplated in this agreement shall be <br />specifically scheduled on the policy as "covered operations." The policy shall provide <br />coverage for the hauling of waste from the project site to the final disposal location, <br />including non -owned disposal sites. <br />18.6 Any deductibles or self-insured retentions must be declared to, and <br />approved by City. At the option of City either Developer's insurer will reduce or eliminate <br />the deductibles or self-insured retentions with respect to City, it's Council, commissions, <br />boards, committees, officers, employees and agents or Developer will procure a bond <br />guaranteeing payment of losses and related investigations, claim administration and <br />defense expenses. <br />18.7 Concurrently with the execution of this Agreement, Developer will <br />furnish City with certificates and copies of information or declaration pages of the <br />insurance required hereunder and, with respect to evidence of commercial general liability <br />and automobile liability insurance coverage, original endorsements: <br />REV: 01-21-2021 PR <br />A. Precluding cancellation or reduction in coverage <br />before the expiration of thirty (30) days after City will have <br />received written notification of cancellation or reduction in <br />coverage by first class mail, postage prepaid; <br />B. Providing that Developer's insurance will apply <br />separately to each insured against whom claim is made or suit <br />is brought, except with respect to the limits of the insurer's <br />liability (cross liability endorsements); <br />C. Naming City, its Council, commissions, boards, <br />committees, officers, employees and agents as additional <br />insureds; and <br />ATfY/AGR.2021.01011548 Maple LLC (Page 16 of 29) <br />