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ATTY/RESO.0053/CC RESO AMENDING AFFORDABLE HOUSING PRESERVATION PROGRAM – EXHIBIT A <br />REV: 08-19-24 LF <br />Page 14 of 19 <br />EXHIBIT A - INSURANCE REQUIREMENTS <br /> <br />Prior to initiating work on the Project and continuing through throughout the term of this <br />Agreement, Owner shall obtain and maintain the following policies of insurance: <br /> <br />(a) a commercial general liability policy in the amount of Five Million Dollars <br />($5,000,000). If the submitted policies contain aggregate limits, such limits will apply <br />separately to the Services, project, or location that is the subject of this Agreement or <br />the aggregate will be twice the required per occurrence limit. The Commercial General <br />Liability insurance policy will be endorsed to name the City, its officers, agents, <br />employees and volunteers as additional insureds, and to state that the insurance will <br />be primary and not contribute with any insurance or self-insurance maintained by the <br />City. <br /> <br />(b) a comprehensive automobile liability coverage in the amount of Two <br />Million Dollars ($2,000,000), combined single limit including coverage for owned and <br />non-owned vehicles and shall furnish or cause to be furnished to City evidence <br />satisfactory to City that Owner and any contractor with whom Owner has contracted for <br />the performance of work on the Property or otherwise pursuant to this Agreement <br />carries workers’ compensation insurance as required by law. <br /> <br />(c) Owner and Owner’s general partners shall furnish or cause to be <br />furnished to City evidence satisfactory to City that Owner and any contractor with whom <br />Owner has contracted for the performance of work on the Property or otherwise <br />pursuant to this Agreement carries statutory Workers’ Compensation insurance and <br />Employer’s Liability insurance in a minimum amount of One Million Dollars ($1,000,000) <br />per accident. The policies shall contain a waiver of subrogation for the benefit of the <br />City. <br /> <br />(d) Upon commencement of construction and continuing until issuance of a <br />Certificate of Occupancy, Owner and all contractors working on behalf of Owner shall <br />maintain a policy of builder’s all-risk insurance in an amount not less than the full <br />insurable cost of the Project on a replacement cost basis naming City as loss payee. <br /> <br />(e) Upon completion of Project construction, Owner shall maintain property <br />insurance covering all risks of loss (other than earthquake), including flood for 100% of <br />the replacement value of the Project with deductible, if any, in an amount acceptable to <br />City, naming City as loss payee. <br /> <br />(f) Companies writing the insurance required hereunder shall be licensed to <br />do business in the State of California. Insurance shall be placed with insurers with <br />a current A.M. Best’s rating of no less than A: VII. The Commercial General <br />Liability and comprehensive automobile policies required hereunder shall name <br />6.M. - Page 19 of 110 <br />475