RES 87418 - Laserfiche WebLink

$5,000) for damage to property resulting from each accident or event. Such public liability and property damage insurance may, however, be in the form of a single limit policy in the amount of $3,000,000 covering all such risks. Such liability insurance may be maintained as part of or in conjunction with any other liability insurance carried by the City. As an alternative to providing the insurance required by the first paragraph of this Section, the City, with the written consent of the Corporation, may provide a self insurance method or plan of protection if and to the extent such self insurance method or plan of protection shall afford reasonable protection to the Corporation, its members, directors, officers, agents and employees and the Trustee, in light of all circumstances, giving consideration to cost, availability and similar plans or methods of protection adopted by public entities in the State of California other than the City. Before another method or plan may be provided by the City, there shall be filed with the Trustee a certificate of an actuary, independent insurance consultant or other qualified person, stating that, in the opinion of the signer, the substitute method or plan of protection is in accordance with the requirements of this Section and, when effective, would afford reasonable protection to the Corporation, its members, directors, officers, agents and employees and the Trustee against loss and damage from the hazards and risks covered thereby. There shall also be filed a certificate of the City setting forth the details of such substitute method or plan. Section 9. Rental Interruption or Use and Occupancy Insurance. The City shall procure or cause to be procured and maintain or cause to be maintained, throughout the term of this Lease, rental interruption or use and occupancy insurance to cover loss, total or partial, of the rental income from or the use of Capital Project II as the result of any of the hazards covered by the insurance required by Section 7 hereof, in an amount sufficient to pay the part of the total rent hereunder attributable to the portion of Capital Project II rendered unusable (determined by reference to the proportion which the acquisition and construction cost of such portion bears to the acquisition and construction cost of Capital Projects I and II) for a period of at least two years, except that such insurance may be subject to a deductible clause of not to exceed one thousand dollars ($1,000), and except that such insurance need be maintained as to the peril of earthquake only if such insurance is available at reasonable cost on the open market from reputable insurance companies. Any proceeds of such insurance shall be used by the Trustee to F-18 1456S