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approved, Providence must provide thirty days notice of any cancellation or material adverse <br /> financial condition of its self-insurance program. <br /> If Providence requires contractors performing construction work in connection with the <br /> Pedestrian Skybridge or the Utility Corridor to name Providence as an additional insured on the <br /> contractor's insurance policies, Providence shall also require such contractors to name"City of <br /> Everett, its officers, employees, and agents" as additional insureds on a primary basis on such <br /> insurance policies. <br /> Section 13. Skybridge Performance Bond. Providence shall deliver to the Director for <br /> filing with the City Clerk a performance bond that satisfies the requirements of this Section(the <br /> "Bond") upon the earliest to occur of the following events: (1) Providence no longer owns and <br /> operates a North Everett Regional Medical Center or(2) Providence assigns any right, privilege <br /> or authority granted under this Ordinance to an entity other than an entity that continues to own <br /> and operate a North Everett Regional Medical Center. The Bond shall be in the sum of three <br /> hundred thousand dollars ($300,000.00) executed by a surety company authorized and qualified <br /> to do business in the State of Washington, and conditioned that Providence will comply with <br /> each and every provision of this Ordinance and with each and every order of the Director <br /> pursuant thereto. Providence shall ensure that the Bond shall remain in effect until such time as <br /> the Pedestrian Skybridge is removed in accordance with this Ordinance or until Providence is <br /> excused by the City as provided in Section 10 of this Ordinance. An irrevocable letter of credit <br /> approved by the City Risk Manager may be substituted for the bond. <br /> Section 14. Adjustment of Insurance and Bond Requirements. The Director may <br /> from time to time adjust the required limits of insurance under Section 12 and the required bond <br /> amount under Section 13 if the Director and City Risk Manager determine that an adjustment is <br /> necessary to fully protect the interests of the City with respect to risks arising from Providence's <br /> construction and use of the Pedestrian Skybridge and Utility Corridor. The Director shall notify <br /> Providence of the new requirements in writing. Providence shall provide proof of compliance <br /> with such new requirements within sixty(60) days after receipt of such notice. <br /> 9 <br />