Resolution 5871 - Laserfiche WebLink

of any applicable co-insurance clause and to prevent OM from being a co-insurer; provided, however, any policy for earthquake may be subject to a deductible not exceeding ten percent (10%)of the full replacement value of the insured property, for flood not exceeding$100,000.00, and for all other perils not exceeding$100,000.00. 19.1.2 Insurance Ratings and Provisions The carriers of all insurance policies provided by OM shall be rated no less than A-VIII in the most recent "Best's" insurance guide and shall be licensed in the State of Washington. All insurance policies provided for shall include (a) OM as a party and the City as an additional insured by endorsement; (b) where appropriate or required by any mortgagee, endorsement(s) in favor of mortgagees, as their interests may appear; (c) where appropriate, the insurer's mutual waiver of subrogation rights against and between OM and the City; and (d) a requirement that the insurer provide to the City at least thirty (30) days' prior written notice of cancellation or material change in the terms and provisions of the applicable policy and ten (10) days' prior written notice of cancellation for non-payment of premiums. 19.1.3 Evidence of Insurance OM shall file binders or certificates of insurance in the records of OM evidencing that the applicable insurance requirements of this Agreement have been satisfied. OM shall also maintain a file of copies of the binders or certificates of all insurance policies then being maintained that relate to the Development. Upon written request, OM shall furnish to the City a schedule of OM's insurance, listing the policy numbers of the insurance obtained, the names of the companies issuing such policies, the names of the Persons insured, the amounts of coverage, the expiration date or dates of such policies, and the risks covered thereby. 19.1.4 Review of Insurance From time to time the City shall review all of OM's insurance policy limits and coverages to determine their suitability in view of exposures reasonably anticipated over the ensuing three (3) years, changing practices in the insurance industry, and changes in local law and custom. OM shall cause its tenants and owners within the Development to comply with any other insurance requirements the City reasonably requests in order to protect the Development and the interests of the City and a certificate of insurance evidencing the required coverage to include an endorsement of the City as additional insured. 19.1.5 Liability Insurance From and after Closing and thereafter continuing until the issuance of a Final Certificate of Completion, OM, at OM's cost and expense, shall maintain (a) commercial general liability -47- 06107-0063%LEGAL 13023969.1