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ART�CLE V Insurance and Conc�emnation Section 5.1. Insurance. {a) The Dev�loper will pravide and maintain at all times during the process of cons�ucting the Minirrt�am Improvements an A11 Risk Broad Form Basis 3�surance Policy and, from time to time during ihat period, at the req�est of the City; fun�rsh tl�e City with proof of payment of premiums on policies covering the foilowi�g: (i) Builder's risk �nsurance, written on the sa-ea[Eed "Bui}der's Risk -- Cotnpletec� Value Basis," in an arr�ount equal to one hundreci percent { 104%} of the insurable value of the Minimum Improvements ai the date of completion, and witl� coverage availabte in nonreporting forrn on the so-eaIled "al] risk" form of policy. {ii} Comprehensive general liabitity insurance (including operations, contingent liai�itity, operations of s�bcontractors, completed operations and contractua] liability insurance} togetner with an Owner's Protective Liability Policy with lamits against badily injury and property damage of not less than $1,000,000 for each occurrence (to accomplish the above- required limits, an umbrella excess liability paticy may be used). (iii) Workers' compensation ins�rance, with statutory covera�e, if the Developer has employees. (b) Upon completion of construction of the Mini�num lmprove�ents and prior to the Matu�ity Date, the Developer shall rnaintain, or cause ta be maintained, at its cost and expense, and from time to titne at the request of t�e City shal] furnish proof of the payment of premiums on, insurance as fol tows: {i) Insurance against loss and/or damage to the Minimum Irr�proverrtents under a policy or policies covering s�ch risks as are ordinarily insured aaair�st by simi�ar businesses. (ii) Co�nprehensive general public liability insurance_ ir�cluding personal in�vry �iabili#y (with e�nployee exclusion deleted), against liability for injuries tp persons andlor property, in the rninimum anaount for eac� occurrence and for each year of $1,0a0,000, and shail be endorsed to show the City as additior�al ir�sured. (iii) Such other insurance, i�3cl�zding workers' compensation insurance respecting all employees of the Developer, in suci� amaunt as is customarily carrie� i�y like organizations engaged in like activities of comparable size and liabiliry exposure; provided that the Developer may be seIf-insured wFth respect to alI or any part of its liability for workers' compertsation. (c) All insurance required in Article V af this Agreement shall be taken out and mai�tained in responsible inst�rance companies selected by the Developer wl3ich are authorized under the laws of the Sta#e to assume the risks covered thereby. Upon request, the De�eloper will deposit ar�nualty with the City policies evi�encing a11 such insurance, or a certificate or �ertificates or binders of the respective insurers stating that such insurance is in force and effect. Unless otherwise pravided in ihis Article V af �his Agreement each policy shalI coi�tain a provision that tl�e insurer shall not ca�cel nor modify it in such a way as to reduce the coverage provided below the amounts required herein without giving writte» notice to the Developer and the CiEy at least t�irty (30) days before the cancellation or rnodificati�n beco�nes effective. in iieu of separate policies, the Developer rnay mai��tain a sing�e policy, btanket or urt36re1ta 378990v10 S3B AR200-10 17