Laserfiche WebLink
<br />ATTY/RESO.0053/CC RESO AMENDING AFFORDABLE HOUSING PRESERVATION PROGRAM – EXHIBIT B <br />REV: 08-19-24 LF <br />Page 1 of 86 <br />ATTACHMENT NO. 8 <br />INSURANCE REQUIREMENTS <br /> <br />Prior to initiating work on the Development and continuing through throughout the term of this <br />Agreement, Borrower shall obtain and maintain the following policies of insurance: <br />(a) a commercial general liability policy in the amount of Five Million Dollars each <br />occurrence. If the submitted policies contain aggregate limits, such limits will apply separately <br />to the Services, project, or location that is the subject of this Agreement or the aggregate will be <br />twice the required per occurrence limit. The Commercial General Liability insurance policy will <br />be endorsed to name the City, its officers, agents, employees and volunteers as additional <br />insureds, and to state that the insurance will be primary and not contribute with any insurance <br />or self-insurance maintained by the City. <br />(b) a comprehensive automobile liability coverage in the amount of Two Million <br />Dollars ($2,000,000), combined single limit including coverage for owned and non-owned <br />vehicles and shall furnish or cause to be furnished to City evidence satisfactory to City that <br />Owner and any contractor with whom Owner has contracted for the performance of work on the <br />Property or otherwise pursuant to this Agreement carries workers’ compensation insurance as <br />required by law. <br />(c) Borrower and Borrower’s general partners/managing members shall furnish or <br />cause to be furnished to City evidence satisfactory to City that Borrower and any contractor with <br />whom Borrower has contracted for the performance of work on the Property or otherwise <br />pursuant to this Agreement carries statutory Workers’ Compensation insurance and Employer’s <br />Liability insurance in a minimum amount of One Million Dollars ($1,000,000) per accident. The <br />policies shall contain a waiver of subrogation for the benefit of the City. <br />(d) Upon commencement of construction and continuing until issuance of a <br />Certificate of Occupancy, Borrower and all contractors working on behalf of Borrower shall <br />maintain a policy of builder’s all-risk insurance in an amount not less than the full insurable cost <br />of the Project on a replacement cost basis naming City as loss payee. <br />(e) Upon completion of Project construction, Borrower shall maintain property <br />insurance covering all risks of loss (other than earthquake), including flood for 100% of the <br />replacement value of the Project with deductible, if any, in an amount acceptable to City, naming <br />City as loss payee. <br />(f) Companies writing the insurance required hereunder shall be licensed to do <br />business in the State of California. Insurance shall be placed with insurers with a current <br />A.M. Best’s rating of no less than A: VII. The Commercial General Liability and <br />comprehensive automobile policies required hereunder shall name the Indemnitees as <br />additional insureds. Builder’s Risk and property insurance shall name City as loss payee as its interests <br />may appear. <br />(g) Prior to commencement of construction, Borrower shall furnish City with <br />certificates of insurance in form acceptable to City evidencing the required insurance coverage <br />and duly executed endorsements evidencing such additional insured status. The certificates shall <br />6.M. - Page 108 of 110 <br />564