2021/01/27 Council Agenda Packet

F. Waivers of Subrogation. Grantee agrees to waive rights of subrogation which any insurer of Grantee may acquire from Grantee by virtue of the payment of any loss. Grantee agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation. The Workers' Compensation policy shall include a waiver of subrogation in favor of the City for all work performed by the Grantee, its employees, agents and subcontractors. G. Verification of Coverage. Grantee shall furnish the City with certificates of insurance (ACORD Founn or its substantial equivalent) and additional insured status (blanket additional insured endorsement acceptable, ISO Form or its equivalent) effecting coverage required by this Franchise. The certificates shall be signed by a person authorized by that insurer to bind coverage on its behalf. All certificates and endorsements are to be received and approved by the City before work commences. Grantee hereby warrants that its insurance policies satisfy the requirements of this Franchise. H. Contractors and Subcontractors. Grantee shall require and verify that all contractors and subcontractors maintain insurance meeting all the requirements stated herein and Grantee shall ensure that City is an additional insured on insurance required from contractors and subcontractors. I. Special Risks or Circumstances. City reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other circumstances. 6.3. Financial Assurances A. No later than the Effective Date of this Franchise, Grantee shall establish and provide to the City, as security for the faithful performance by Grantee of all of the provisions of this Franchise, an Assurance in the amount of two -hundred and fifty thousand dollars ($250,000.00). B. An Assurance may be drawn upon by the City for purposes including, but not limited to, the following: (1) Failure of Grantee to pay the City sums due under the terms of this Franchise; (2) Reimbursement of costs borne by the City to correct Franchise violations not corrected by Grantee; and (3) Monetary remedies or damages assessed against Grantee due to default or breach of Franchise requirements. C. The City shall give Grantee written notice of any withdrawal under this subsection upon such withdrawal Within seven (7) days following receipt of such notice, Grantee shall restore the Assurance to the amount required under this Franchise. Grantee's maintenance of the Assurance shall not be construed to excuse unfaithful performance by Grantee or to limit the liability of Grantee to the amount of the Assurance or otherwise to limit the City's recourse to any other remedy available at law or equity. {DPK2242501.DOCX;4/13113.000007/ } Wireline Franchise 15 of 30