Hype Murals 9/20/2022 - Laserfiche WebLink

officers, shareholders, employees, agents, invitees, sublicensees, licensees or contractors. As a material part of the consideration to the City for this License, Licensee hereby waives and releases all claims against the City with respect to all matters for which the City has disclaimed liability pursuant to the provisions of this License. 14. INSURANCE/WAIVER OF SUBROGATION. (a) Licensee Insurance. Licensee shall, throughout the Term, at its own expense, keep and maintain in full force and effect the following policy, which shall be endorsed as needed to provide that the insurance afforded by the policy is primary and that all insurance or self-insured retention carried or maintained by the City is strictly excess and secondary and shall not contribute with Licensee's liability insurance: A policy of commercial general liability insurance insuring against claims of bodily injury and death or property damage or loss with a combined single limit at the Effective Date of this License of not less than Two Million Dollars ($2,000,000.00) per occurrence. Licensee shall include the City as an additional insured. The insurance policy required under this Section shall be with companies having a rating according to Best's Insurance Key Rating Guide for Property — Casualties of no less than A- Class VIII. The policy shall provide that it is not subject to cancellation, lapse or reduction in coverage except after thirty (30) days' written notice to the City. Licensee shall deliver to the City, prior to the commencement of its occupation of the Licensed Property and from time to time thereafter, at the City's request, certificates evidencing the existence and amounts of such policy and copies of such insurance policy. (b) Waiver of Subrogation. The City and Licensee each mutually release the other from every right, claim and demand which may hereafter arise in favor of either arising out of or in connection with any loss occasioned by fire, earthquake or other casualty and such other perils as are included in the provisions of the normal extended coverage clauses of fire and casualty insurance policies, and hereby waive all rights of subrogation in favor of insurance carriers arising out of any such losses and sustained by either the City or Licensee in or to the Licensed Property or any property therein, but only to the extent of deductibles specified in the insurance policies plus the insurance proceeds paid to such party under its policies of insurance or, if it fails to maintain the required policies, the insurance proceeds that would have been paid to such party if it had maintained such policies. This waiver of subrogation shall be effective to a person or entity even though that person or entity would otherwise have a duty of indemnification, contractual or otherwise, whether or not the person or entity paid the insurance premium directly or indirectly, and whether or not the person or entity has an insurable interest in the property damaged. 15. HAZARDOUS MATERIALS. 5