2021/01/13 Council Agenda Packet

injuries or damages that have not yet manifested and that are presently unknown but, nevertheless, it deliberately intends to and hereby does release these possible future claims against Century to the extent they arise out of or are based on acts or omissions occurring prior to the date of this Settlement Agreement that relate to the Environmental Claims at the Site. 3.5 Satisfaction of the Chubb Insurer Obli ations. For and in consideration of the payment of the Settlement Amount and the mutual covenants stated in this Settlement Agreement, City and the Chubb Insurers agree that, upon execution of this Settlement Agreement, except with respect to the payments specified herein, the Chubb Insurers shall have no further duties or obligations to City based upon, arising out of or related in any way to the Environmental Claims at the Site. The Parties stipulate and agree that payment of the Settlement Amount constitutes a full and complete satisfaction of the Chubb Insurers' obligations, past, present and future, to or on behalf of City under the Chubb Policies with respect to the Environmental Claims at the Site. 3.6 Release of Extra -contractual Claims. For and in consideration of the payment of the Settlement Amount and the mutual covenants stated in this Settlement Agreement, City further releases and forever discharges the Chubb Companies from and against any and all claims or causes of action, including claims for interest, attorneys' fees and litigation costs and for punitive damages, coverage by estoppel and extra -contractual claims based upon alleged acts or omissions of the Chubb Companies, if any, known or unknown, arising out of any alleged breach of a duty of good faith and fair dealing, or allegedly constituting unfair defense or settlement practices, insurance or other statutory code violations, bad faith or breach of fiduciary duty in connection with any coverage claims asserted by City arising out of or relating to the Environmental Claims at the Site. 3.7 Cotitribu..011Claim_Bar Order. The Parties shall cooperate in fihing a joint action in state court for a good faith settlement determination and contribution claims bar order. Any filing by the Chubb Insurers of an action for a good faith settlement determination and contribution claims bar order shall be brought in Snohomish County Superior Court. Pursuant to RCW 4.22.060(3), in the event of a determination that the amount paid for a release, covenant not to sue, covenant not to enforce judgment, or similar agreement was unreasonable, shall not affect the validity of the agreement between the released (in this respect the Chubb Insurers) and releasing persons (in this respect City), nor shall any adjustment be made in the amount paid between the Parties to this Settlement Agreement. 3.8 No Waiver of ReinsuranceRights. The releases and waivers set forth in this Settlement Agreement shall not apply to or have any effect on the Chubb Companies' right to any claim for reinsurance. 4