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effectuate such correction and recover the cost thereof from Contractor or his sureties. Any and all other special guarantees which may be applicable to definite parts of the work under this Agreement shall be considered as an additional guarantee and shall not reduce or limit the guarantee as provided by Contractor pursuant to this paragraph during the first year of the life of such guarantee. 7. Business License. Contractor will obtain and maintain a City of Redwood City Business License for the term of the Agreement, as may be amended from time-to-time. 8. Insurance and Indemnification. Contractor, at its sole cost and expense, shall acquire and maintain in full force and effect throughout the term of this Agreement Workers' Compensation, employer's liability, commercial general liability, and owned, non-owned and hired automobile liability insurance coverage relating to Contractor's Work to be performed hereunder covering City's risks in form subject to the approval of the City Attorney. The minimum amounts of coverage corresponding to the aforesaid categories of insurance per insurable event shall be as follows: Insurance Cateaorv Workers' Compensation Minimum Limits Statutory minimum. Employer's Liability $1,000,000.00 per accident for bodily injury or disease. Commercial General Liability $1,000,000.00 per occurrence, $2,000,000 aggregate for bodily injury, personal injury and property damage. Automobile Liability $1,000,000 per occurrence, (coverage required to the extent applicable to Contractor's vehicle usage in performing work hereunder). Any deductibles or self-insured retentions must be declared to, and approved by City. At the option of City either Contractor's insurer shall reduce or eliminate the deductibles or self-insured retentions with respect to City, its Council, commissions, boards, committees, officers, employees and agents or Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses. Concurrently with the execution of this Agreement, Contractor shall furnish City with certificates and copies of information or declaration pages of the insurance required hereunder and, with respect to evidence of commercial general liability and automobile liability insurance coverage, original endorsements: