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elected not to include a self -insured retention or other financial responsibility for <br />claims; <br />1516.5. Prior to entering or using the Premises .or commencing any work related to the <br />installation or subsequent. maintenance of the. Pipeline, Licensee shall furnish to <br />Licensor an acceptable certificate(s) of insurance. from an authorized <br />representative evidencing the required coverage(s), endorsements, and <br />amendments.. <br />15.6:6 Licensee shall notify Licensor. in writing at. least .30 hays prior to any cancellation, <br />non -renewal, substitution or material alteration of any insurance requirement. <br />15.6..7 Any. insurance policy shall be written by a reputable insurance company <br />acceptable to Licensor or with a current Bests Guide Rating of A- and. Class VI! or <br />better; and authorized to do business, in the state(s) in which the service is to be <br />prov:ided.. Insurance for the City will be provided by the League of Minnesota Cities <br />Insurance Trust. <br />15.6.8 if the coverage provided by any of the insurance policies required .by. this <br />agreement :is purchased on a "claims made" basis, Licensee hereby :agrees to <br />maintain coverage in force. for a minimum .of three years after expiration; <br />cancellation or termination of this agreement. <br />15.6.9 Licensee agrees to provide evidence to Licensor that it has the required :coverage <br />in place at least annually or in the event. of a renewal or material change of <br />coverage. <br />1.5:6.10 Licensee represents that this License has been. thoroughly reviewed. by Licensee's <br />insurance agent(s)Ibroker(s), and that.Licensee has :instr.ucted them to procure the I <br />insurance coverage required 'by this License. <br />15.6.11 Not more frequently than once every .five years, Licensor may, at its discretion, <br />reasonably modify the insurance requirements to reflect the then -current risk <br />management practices in the railroad industry and underwriting practices in the <br />insurance industry. <br />1.5,6.12.If Licensee will subcontract any portion of the operation, Licensee shall require that <br />the subcontractor provide and maintain insurance coverage(s) as set. -forth herein, <br />naming Licensor.as an additional insured. I addition, Licensee shall require that <br />the subcontractor shall release, .defend and indemnify Licensee to the same extent <br />and under the same terms and conditions as Licensee is required to release, <br />defend and indemnify Licensor under this agreement. <br />1.5.6.13. Failure to provide. evidence as required by this section shall entitle,but not require, <br />Licensor to terminate this License immediately. Acceptance of a, certificate. that <br />does not.. comply with this section shall not operate as a waiver of Licensee's <br />obligations hereunder. <br />15.8.14 The fact that Licensee obtains insurance. (including, without limitation, self <br />= <br />insurance). shall not release .or diminish Licensee's liabilities or obligations: <br />including, without limitatiion,the liabilities and obligations under the indemnity <br />provisions. of -the License. Damages recoverable by Licensor shall not be limited <br />by the amount of the required insurance coverage. Damages are limited pursuant <br />to Minnesota Statutes. <br />so Form 424; Rev. 2019osis <br />