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Any insurance limits in excess of the minimum limits shall be available to the City. All policies, except professional liability, shall be endorsed with a waiver of subrogation in favor of the City, including its elected and appointed officials, employees, and agents for losses arising from activities under the contract. Deductibles and self-insured retentions must be declared to and approved by the City. The City may require the Contractor to provide proof of ability to pay losses and related expenses within the deductible and retention. The Contractor is required to submit a Certificates of Insurance acceptable to the City as evidence of the required insurance coverage requirements. The Contractor’s policies and Certificate of Insurance shall contain a provision that coverage afforded under the policies shall not be cancelled without at least thirty (30) days’ advanced written notice to the City, or ten (10) days’ written notice for non-payment of premium. The Contractor is responsible to review and ensure all subcontractors comply with the insurance provisions contained herein and said insurance is maintained as specified. If the City authorizes the Contractor to be self-insured, a Certificate of Self-Insurance must be attached. The Contractor shall obtain insurance policies from insurance companies having an “AM BEST” rating of A- (minus); Financial Size Category (FSC) VII or better, and authorized to do business in the State of Minnesota, or as approved by the City. The City reserves the right to immediately terminate the contract if the Contractor is not in compliance with the insurance requirements and retains all rights to pursue any legal remedies against the Contractor. All insurance policies must be open to inspection by the City, and copies of policies must be submitted to the City’s authorized representative upon written request. The City’s failure to approve or disapprove the Contractor’s policies or certificates shall not relieve the Contractor of full responsibility to maintain the required insurance. If the coverage period shown on the Contractor's current certificate of insurance ends during the duration of the project, the Contractor must, prior to the end of the coverage period, obtain a new certificate of insurance showing that coverage has been extended. No representation is made that the minimum insurance requirements are sufficient to cover the obligations of the Contractor under the contract. Contractor must provide a copy of: (i) a certification of insurance satisfactory to the City, and (ii) if requested, the Contractor’s insurance declaration page, riders and/or endorsements, as applicable, which evidences the compliance with this Paragraph, must be filed with the City prior to the start of Contractor’s Work. Such documents evidencing insurance shall be in a form acceptable to the City and shall provide 5 RS160\\1\\930122.v1-1/29/24 Qbhf!285!pg!335