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ARTICLE VI INSURANCE Section 6.1. Insurance. (a) The Redeveloper will provide and maintain or cause to be provided or maintained at all times during the process of constructing the Minimum Improvements and, from time to time at the request of the City, furnish the City with proof of paYment of premiums on: (1) builder's risk insurance, written on the so-called "Builder's Risk - Completed Value Basis," in an amount equal to one hundred percent (1000/0) of the insurable value of the Minimum Improvements at the date of completion, and with coverage available in nonreporting form on the so-called "all risk" form of policy. The interest of the City shall be protected in accordance with a clause in form and content reasonably satisfactory to the City; (2) comprehensive general liability insurance together with an owners and contractors protective liability policy with limits against bodily injury and property damage of not less than $2,000,000 for each occurrence (to accomplish the above-required limits, an umbrella excess liability policy may be used); and (3) workers' compensation insurance, with statutory coverage. (b) All insurance required by this Article shall be taken out and maintained in responsible insurance companies selected by the Redeveloper which are authorized under the laws of the State to assume the risks covered thereby. The Redeveloper will deposit annually with the City policies evidencing all such insurance, or a certificate(s) or binder(s) of the respective insurers stating that such insurance is in force and effect. Unless otherwise provided in this Article, each policy shall contain a provision that the insurer shall not cancel or modifY it without giving written notice to the Redeveloper and the City at least thirty (30) days before the cancellation or modification becomes effective. Not less than fifteen (15) days prior to the expiration of any policy, the Redeveloper shall furnish the City with evidence satisfactory to the City that the policy has been renewed or replaced by another policy conforming to the provisions of this Article, or that there is no necessity therefor under the terms hereof. In lieu of separate policies, the Redeveloper may maintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein, in which event the Redeveloper shall deposit with the City a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. ( c) On an annual basis, the Redeveloper shall provide the City with evidence satisfactory to the City that the Redeveloper's subcontractors are maintaining workers' compensation insurance with statutory coverage. 30