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201803290406.015 <br /> providing coverage against claims for bodily injury, death or property damage in <br /> connection with the Project with broad form liability and property damage endorsement, <br /> such insurance to afford minimum protection, during the term of the construction phase, <br /> and written for combined single limits of liability of Two Million Dollars ($2,000,000), <br /> per occurrence, said amount to be adjusted from time to time with coverage deemed <br /> customary under like conditions <br /> 11 1 3 Property Insurance Upon completion of the construction of the <br /> Project and until the Certificate of Completion is recorded,Developer shall carry property <br /> insurance covering the Project including all Improvements, including boiler and <br /> machinery insurance, in an amount equal to at least one hundred percent(100%) of the <br /> replacement cost of all Improvements <br /> 11 2 Insurance Policies The senior Mortgagee's loan documents shall control <br /> the use of Insurance proceeds following casualty or condemnation The City's rights <br /> hereunder shall be subject to the rights of the senior Mortgagee Insurance policies <br /> required herein <br /> 11 2 1 Shall be issued by companies authorized to do business in the State <br /> of Washington, which are rated at least "A" or better and with a numerical rating of no <br /> less than seven(7) by A M Best Company,with the following qualifications <br /> 11211 The policies shall name the City as an <br /> additional insured for liability purposes and as a loss payee <br /> 11 2 1 2 The policies shall be issued as primary policies <br /> 11 2 2 Each such policy or certificate of insurance mentioned and <br /> required in this Section 11 shall have attached thereto(1)an endorsement that such policy <br /> shall not be canceled without at least thirty (30) days prior written notice to Developer <br /> and the City, (2)an endorsement to the effect that the insurance as to any one insured <br /> shall not be invalidated by any act or neglect of any other insured, (3) an endorsement <br /> pursuant to which the insurance earner waives all rights of subrogation against the parties <br /> hereto, and (4)an endorsement pursuant to which this insurance is primary and <br /> noncontributory <br /> 11 2 3 The certificates of insurance and insurance policies shall be <br /> furnished to Developer and the City prior to commencement of construction under this <br /> Covenant The certificate(s) shall clearly indicate the insurance and the type,amount and <br /> classification, as required for strict compliance with this Section 11 <br />