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The Certificate of Insurance shall name the City as an additional <br />insured, and state that the Contractor's coverage shall be the <br />primary coverage in the event of a loss. <br />The Contractor shall also provide a Certificate of Vehicle Liability <br />Insurance in the amount of at least $1,000,000. <br />The Contractor shall further provide a Certificate of Director's & <br />Officers Insurance or Errors & Omissions Insurance providing <br />coverage for 1} the claims that arise from the errors or omissions of <br />the Contractor or its sub-contractors and 2) the negligence or failure <br />to render a professional service by the Contractor or its sub- <br />contractors. The insurance policy should provide coverage in the <br />amount of $1,000,000 each occurrence and $1,000,000 annual <br />aggregate. The insurance policy must provide the protection stated <br />for two years after completion of the work. Acceptance of the <br />insurance by the City shall not relieve, limit or decrease the liability of <br />the Contractor. Any policy deductibles or retention shall be the <br />responsibility of the Contractor. The Contractor shall control any <br />special or unusual hazards and be responsible for any damages that <br />result from those hazards. The City does not represent that the <br />insurance requirements are sufficient to protect the Contractor's <br />interest or provide adequate coverage. Evidence of coverage is to be <br />provided on a City-approved Insurance Certificate. <br />A thirty- (30) day written notice is required if the policy is canceled, <br />not renewed or materially changed. <br />The Contractor shall require any of its subcontractors to comply with <br />these provisions. <br />2. Workers' Compensation Insurance: Contractorshall provide evidence <br />of Workers' Compensation Insurance covering all employees of <br />Contractor engaged in the performance of this Contract in <br />accordance with the Minnesota Workers' Compensation Law. <br />3. Performance and Pavment Bond: Contractor shall execute and <br />deliver to City a Performance and Payment Bond with a corporate <br />surety in the sum of $25,000.00 or equal ("equal" may include a <br />Letter of Credit from a banking institution approved by City). This <br />Contract will not become effective until such a bond, in a form <br />acceptable to City, has been delivered to City and approved by the <br />City Attorney. <br />fi� <br />