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19.4 Builder's Risk Insurance. Upon commencement of construction and <br />with approval of City, Developer shall obtain and maintain Builder's Risk/Course <br />of Construction insurance. Policy shall be provided for replacement value on an <br />"all-risk" basis. The City shall be named as Loss Payee on the policy and there <br />shall be no coinsurance penalty provision in any such policy. Policy must include: <br />(1) coverage for removal of debris, and insuring the buildings, structures, <br />machinery, equipment, materials, facilities, fixtures, and all other properties <br />constituting a part of the project; (2) coverage with limits sufficient to insure the full <br />replacement value of any property or equipment stored either on or off the project <br />site. Such insurance shall be on a form acceptable to City to ensure adequacy of <br />terms and limits. Developer shall not be required to maintain property insurance <br />for any portion of the Project following transfer of control thereof to City. <br />19.5 Contractors Pollution Liability. Pollution Coverage shall be provided <br />by Developer or its contractor(s) on a Contractors Pollution Liability form or other <br />form acceptable to City providing coverage for liability arising out of sudden, <br />accidental and gradual pollution and remediation. The policy limit shall be no less <br />than One Million Dollars ($1,000,000) per claim and in the aggregate. All activities <br />contemplated in this agreement shall be specifically scheduled on the policy as <br />"covered operations." The policy shall provide coverage for the hauling of waste <br />from the project site to the final disposal location, including non -owned disposal <br />sites. <br />19.6 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 <br />eliminate the deductibles to an amount not to exceed $100,000 or self-insured <br />retentions with respect to City, it's Council, commissions, boards, committees, <br />officers, employees and agents or Developer will procure a bond guaranteeing <br />payment of losses and related investigations, claim administration and defense <br />expenses. <br />19.7 Concurrently with the execution of this Agreement, Developer shall <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 <br />liability and automobile liability insurance coverage, original endorsements: <br />REV: 04-12-2023 SK <br />(a) Developer shall provide 30 days written notice for <br />cancellation or any reduction in coverage during the term of this <br />Agreement; <br />ATTY/AGR.2023.70/SI XX, LLC (Broadway Plaza SIA) (Page 12 of 32) <br />