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ARTICLE V Insurance and Condemnation Section 5.1. Insurance. (a) The Redeveloper will provide and maintain 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 prom' of payment of premiums on: (1) Builder's risk insurance, written on the so-calld'd "Builder's Risk -- Completed Value Basis," in an amount equal to one hundred percent (100%) 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 satisfactory to the City. (to Comprehensive general liability insurance (including opera- tions, contingent liability, operations of subcontractors, completed opera- tions P i contractual liability Insurance) together with an Owner's Con- tractot ; Policy with limits against bodily injury and property damage of not less than $1,000,000 for each occurrence (to accomplish the above -required limits, an umbrella excess liability policy may be used). Oil) Worker's compensation insurance, with statutory coverage. The policies of insurance required pursuant to clauses (0 and 00 above shall be in form and content satisfactory to the City and shall be placed with financially sound and reputable insurers licensed to transact business In the State. The policy of Insurance delivered pursuant to clause (1) above shall contain an agreement of the insurer to give not less than thirty (30) days' advance written notice to the City In the event of cancellation of such policy or change affecting the coverage thereunder. (b) All insurance required in Article V of this Agreement 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 or certificates or binders of the respective Insurers stating that such Insurance is In force and effect. Unless otherwise provided in this Article V of this Agreement each policy shall contain a provision that the, Insurer shall not cancel nor 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 evidence satisfactory to the City that the policy has been renewed or replaced by another policy conforming to the provisions of this Article V of this Agreement, 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. 12