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contractor/subcontractor as evidence of compliance with the insurance requirements <br /> of this Loan Agreement. <br /> The Agency is responsible for ensuring compliance with all of the insurance <br /> requirements stated herein. Failure by the Agency, its agents, employees, officers, <br /> contractor/subcontractors, providers and/or provider subcontractors to comply with the <br /> insurance requirements stated herein shall constitute a material breach of this <br /> Agreement. <br /> Each insurance policy shall be written on an "occurrence" form; except that insurance <br /> on a "claims made" form may be acceptable with prior City approval. If coverage is <br /> approved and purchased on a "claims made" basis, the Agency warrants continuation <br /> of coverage, either through policy renewals or the purchase of an extended discovery <br /> period, if such extended coverage is available, for not less than three years from the <br /> date of Loan Agreement termination, and/or conversion from a "claims made" form to <br /> an "occurrence" coverage form. <br /> Nothing contained within these insurance requirements shall be deemed to limit the <br /> scope, application and/or limits of the coverage afforded by said policies, which <br /> coverage will apply to each insured to the full extent provided by the terms and <br /> conditions of the policy(s). Nothing contained in this provision shall affect and/or alter <br /> the application of any other provision contained within this Loan Agreement. <br /> 2. Risk Assessment by Agency <br /> By requiring such minimum insurance, the City shall not be deemed or construed to <br /> have assessed the risks that may be applicable to the Agency under this Agreement, <br /> nor shall such minimum limits be construed to limit the limits available under any <br /> insurance coverage obtained by the Agency. The Agency shall assess its own risks <br /> and, if it deems appropriate and/or prudent, maintain greater limits and/or broader <br /> coverage. <br /> 3. Minimum Scope of Insurance <br /> Coverage shall be at least as broad as the following: <br /> a. General Liability: Insurance Services Office form number (CG 00 01) covering <br /> COMMERCIAL GENERAL LIABILITY. <br /> b. Professional Liability, Errors and Omissions Coverage: In the event that services <br /> delivered pursuant to this Agreement either directly or indirectly involve or require <br /> professional services, Professional Liability, Errors and Omissions coverage shall <br /> be provided. "Professional Services", for the purpose of this Loan Agreement <br /> section, shall mean any services provided by a licensed professional or those <br /> services that require a professional standard of care. <br /> c. Automobile Liability: Insurance Services Office form number (CA 00 01) covering <br /> BUSINESS AUTO COVERAGE, symbol 1 "any auto"; or the appropriate coverage <br /> provided by symbols 2, 7, 8, or 9. <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 34 of 51 <br />