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11.01.3 Commercial Crime Insurance. OPERATOR shall obtain and keep in full force and effect during the term of this Agreement a commercial crime policy which includes, without limitation, a blanket bond for all employee dishonesty in the amount of 250,000; coverage for theft, disappearance and destruction of monies and securities in or on the Premises or outside the Premises in an amount not less than $35,000; and depositor's forgery in the amount of $250,000. OPERATOR shall obtain Director's written permission before individually bonding any individual employee and if allowed shall be in an amount not less than $500,000. 11.01.4 Certificates of Insurance. OPERATOR shall complete and file with the City Attorney's Office of the City, within fifteen (15) days of its execution of this Agreement, and prior to engaging in any operation or activity set forth in this Agreement, certificates of insurance and endorsements evidencing the coverage's specified above, which shall provide that no cancellation, change in coverage or nonrenewal by the insurance company(s) will be made during the term of this Agreement, without thirty (30) days' prior written notice to CITY. All certificates shall be signed by a person authorized by the insurance company to bind coverage on its behalf. Neither the procuring of insurance by OPERATOR nor the delivery by OPERATOR to CITY of certificates of insurance evidencing such coverages shall be construed as a limitation of OPERATOR's indemnity obligations under Section 11.04 of this Agreement. 11.01.5 Inspection of Policies; Change in Coverage Amounts. OPERATOR shall permit CITY, at all reasonable times, to inspect any policies of insurance of OPERATOR covering risks upon the Premises. CITY reserves the right to change the coverage limits of the insurance policies set forth above as CITY may deem advisable, in CITY's sole and absolute discretion; provided that CITY shall increase the applicable Direct Cost Budget(s) reasonably to account for any increase in insurance premiums. 11.01.6 Deductibles. OPERATOR shall disclose all deductibles to City and obtain written consent for deductibles exceeding $10,000. 11.02 Waiver of Subrogation. OPERATOR shall not assert against the CITY and waives any claims and rights of recovery for any losses, damages, liability or expenses (including attorneys' fees) incurred or sustained on account of injury to persons or damage to property arising out of its operation and maintenance of the Golf Course to the extent that the same are covered by the insurance required under this Article 11.0. OPERATOR hereby grants on behalf of any insurance company providing insurance covering the Golf Course a waiver of any right of subrogation which any insurer or party may acquire by virtue of payment of any loss under any insurance policy. OPERATOR shall give notice to the insurance companies providing insurance under this Agreement of the waiver of subrogation contained in this Section 11.02. 11.03 Umbrella Policy. Notwithstanding any provision of this Article 11.0 to the contrary, OPERATOR's obligation to provide for insurance may be brought within the coverage of so- called "umbrella" or "blanket" policy or policies of insurance carried and maintained by OPERATOR, provided that: (i) CITY, OPERATOR and such other persons as CITY may specify from time to time are named as additional insureds, to the extent their interests appear; 38