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City of Everett/Cocoon House <br /> 2018 M&0 2060 Agreement <br /> coverage shall be $1,000,000 per occurrence. Claims-made Commercial General <br /> Liability coverage will not be accepted. <br /> Such insurance shall be endorsed to include a "Cross Liability Endorsement," <br /> "Severability of Interests," or "Separation of Insured's" provision, indicating <br /> essentially that "except with respect to the limits of insurance, and any rights or <br /> duties specifically assigned in this coverage part to the first named insured, this <br /> insurance applies as if each named insured were the only named insured, and <br /> separately to each insured against whom claim is made or suit is brought." <br /> B. Property Insurance with Special Causes of Loss & Builders Risk Insurance <br /> From the date of commencement of a construction project, or if the Premises are <br /> vacant land at the date of execution of this Agreement, or otherwise from the date <br /> of this Agreement, the Owner shall, at no expense to the City, obtain and maintain <br /> a policy of Property Insurance with Special Causes of Loss and ensure that <br /> subcontractors obtain Builders Risk Insurance in the amount not less than the full <br /> replacement cost coverage and that insurance provided must be to full <br /> replacement cost valuation basis. Said policy shall be maintained until the <br /> expiration or termination of this Agreement, as applicable. The City shall be named <br /> as an additional insured on said policy/policies. <br /> Prior to the execution of this Agreement, the Owner shall provide the City a <br /> certificate of insurance with additional insured endorsement as evidence of <br /> coverage and have City of Everett, its officers, elected officials, agents and <br /> employees named on its policy as an additional insured. Approval of insurance is <br /> a condition precedent to approval of this Agreement by Risk Management. All <br /> insurance shall be placed with insurance carriers licensed to do business in <br /> Washington State and with carriers subject to approval by the City. <br /> C. Professional Services <br /> If the Owner is providing a professional service, Professional Liability Insurance is <br /> required: a minimum limit of coverage shall be $1,000,000 per occurrence. The <br /> policy shall have a retroactive date prior to or coincident with the date of this <br /> Agreement, and the policy shall state the retroactive date. The Owner shall <br /> maintain coverage for the duration of this Agreement and for a minimum of three <br /> years following termination of this Agreement. The Owner shall annually provide <br /> the City with proof of renewal. If renewal of the coverage becomes unavailable, or <br /> economically unavailable (i.e., premiums quoted exceed ten per cent(10%) of the <br /> limits of liability), the Owner shall notify the City in writing of such unavailability and <br /> shall secure comparable coverage from another carrier acceptable to the City prior <br /> to expiration of the existing policy. <br /> D. Workers' Compensation <br /> The Owner shall provide or purchase Workers' Compensation Insurance coverage <br /> to meet the Washington state industrial insurance regulations and cause any <br /> contractors or subcontractors working on behalf of the Owner to also carry such <br /> insurance prior to performing work on the Project. The City will not be responsible <br /> for payment of workers' compensation premiums or for any other claim or benefit <br /> 5 <br />