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Form Approved <br /> by VP Law 1 2 02-24551 <br /> Licensee is not allowed to self-insure without the prior written consent of Licensor. If <br /> granted by Licensor, any deductible, self-insured retention or other financial <br /> responsibility for claims shall be covered directly by Licensee in lieu of insurance. Any <br /> and all Licensor liabilities that would otherwise, in accordance with the provisions of this <br /> Agreement, be covered by Licensee's insurance will be covered as if Licensee elected <br /> not to include a deductible, self-insured retention or other financial responsibility for <br /> claims. <br /> Prior to commencing the Work, Licensee shall furnish to Licensor an acceptable <br /> certificate(s) of insurance including an original signature of the authorized representative <br /> evidencing the required coverage, endorsements, and amendments and referencing the <br /> contract audit/folder number if available. The policy(ies) shall contain a provision that <br /> obligates the insurance company(ies) issuing such policy(ies) to notify Licensor in <br /> writing at least 30 days prior to any cancellation, non-renewal, substitution or material <br /> alteration. This cancellation provision shall be indicated on the certificate of insurance. <br /> Upon request from Licensor, a certified duplicate original of any required policy shall be <br /> furnished. <br /> Any insurance policy shall be written by a reputable insurance company acceptable to <br /> Licensor or with a current Best's Guide Rating of A- and Class VII or better, and <br /> authorized to do business in the state(s) in which the service is to be provided. <br /> Licensee WARRANTS that this License has been thoroughly reviewed by Licensee's <br /> insurance agent(s)/broker(s), who have been instructed by Licensee to procure the <br /> insurance coverage required by this Agreement. Allocated Loss Expense shall be in <br /> addition to all policy limits for coverages referenced above. <br /> Not more frequently than once every five years, Licensor may reasonably modify the <br /> required insurance coverage to reflect then-current risk management practices in the <br /> railroad industry and underwriting practices in the insurance industry. <br /> If any portion of the operation is to be subcontracted by Licensee, Licensee shall require <br /> that the subcontractor shall provide and maintain insurance coverages as set forth <br /> herein, naming Licensor as an additional insured, and shall require that the <br /> subcontractor shall release, defend and indemnify Licensor to the same extent and <br /> under the same terms and conditions as Licensee is required to release, defend and <br /> indemnify Licensor herein. <br /> Failure to provide evidence as required by this section shall entitle, but not require, <br /> Licensor to terminate this License immediately. Acceptance of a certificate that does <br /> not comply with this section shall not operate as a waiver of Licensee's obligations <br /> hereunder. <br /> The fact that insurance (including, without limitation, self-insurance) is obtained by <br /> Licensee shall not be deemed to release or diminish the liability of Licensee including, <br /> without limitation, liability under the indemnity provisions of this License. Damages <br /> recoverable by Licensor shall not be limited by the amount of the required insurance <br /> coverage. <br /> 10 of 15 Form 424;Rev11/19/02 i 2 <br />