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amount of One Million Dollars ($1,000,000) per accident (d) Upon commencement of construction work and continuing until issuance of the final certificate of occupancy or equivalent for the Project, Developer and all contractors working on behalf of Developer shall maintain a policy of builder's all-risk insurance in an amount not less than the full insurable cost of the Project on a replacement cost basis naming City as loss payee (e) Developer shall maintain property insurance covering all nsks of loss (other than earthquake), including flood (if required) for 100% of the replacement value of the Project with deductible, if any, in an amount acceptable to City, naming City as loss payee. (f) Companies writing the insurance required hereunder shall be licensed to do business in the State of California. Insurance shall be placed with insurers with a current A M Best's rating of no less than A. VII The Commercial General Liability and comprehensive automobile policies required hereunder shall name the Indemnitees as additional insureds Builder's Risk and property insurance shall name City as loss payee as its interests may appear. (g) Prior to commencement of construction work, Developer shall furnish City with certificates of insurance in form acceptable to City evidencing the required insurance coverage and duly executed endorsements evidencing such additional insured status The certificates shall contain a statement of obligation on the part of the camer to notify City of any matenal adverse change, cancellation, termination or non-renewal of the coverage at least thirty (30) days in advance of the effective date of any such matenal adverse change, cancellation, termination or non-renewal The additional insured endorsements for the general liability coverage shall use Insurance Services Office (ISO) Form No CG 20 09 11 85 or CG 20 10 11 85, or equivalent, including (if used together) CG 2010 10 01 and CG 2037 10 01; but shall not use the following forms CG 20 10 10 93 or 03 94 Upon request by City's Risk Manager, Developer shall provide or arrange for the insurer to provide within thirty (30) days of the request, certified copies of the actual insurance policies or relevant portions thereof. (h) If any insurance policy or coverage required hereunder is canceled or reduced, Developer shall, within five (5) days after receipt of notice of such cancellation or reduction in coverage, but in no event later than the effective date of cancellation or reduction, file with City a certificate showing that the required insurance has been reinstated or provided through another insurance company or companies Upon failure to so file such certificate, City may, without further notice and at its option, procure such insurance coverage at Developer's expense, and Developer shall promptly reimburse City for such expense upon receipt of billing from City. (i) Coverage provided by Developer and Developer's contractors shall be pnmary insurance and shall not be contributing with any insurance, or self-insurance maintained by City, and the policies shall so provide The insurance policies shall contain a waiver of subrogation for the benefit of the City Developer shall furnish the required certificates and endorsements to City prior to the commencement of construction of the Project, and shall provide City with certified copies of the required insurance policies upon request of City OAK#4822-6539-6013 v5 35