Hopeworks Social Enterprises 5/1/2018

The Owner and the Owner shall obtain and maintain continuously at their own expense, for the term of this Agreement, Commercial General Liability and Professional Liability insurance to indemnify for the activities and services of this Agreement, with a carrier subject to the approval of the City. Minimum limit of coverage shall be $2,000,000 per occurrence. Claims- made Commercial General Liability coverage will not be accepted. Such insurance shall be endorsed to include a "Cross Liability Endorsement," "Severability of Interests," or "Separation of Insured's" provision, indicating essentially that "except with respect to the limits of insurance, and any rights or duties specifically assigned in this coverage part to the first named insured, this insurance applies as if each named insured were the only named insured, and separately to each insured against whom claim is made or suit is brought." B. Property Insurance with Special Causes of Loss & Builders Risk Insurance From the date of commencement of a construction of the Project, or if the Premises are vacant land at the date of execution of this Agreement, or otherwise from the date of this Agreement, the Owner shall, at no expense to the City, obtain and maintain a policy of Property Insurance with Special Causes of Loss and ensure that subcontractors obtain Builders Risk Insurance in the amount not less than the full replacement cost coverage and that insurance provided must be to full replacement cost valuation basis. Said policy shall be maintained until the expiration or termination of this Agreement, as applicable. Approval of insurance is a condition precedent to approval of this Agreement by Risk Management. All insurance shall be placed with insurance carriers licensed to do business in Washington State and with carriers subject to approval by the City. C. Professional Services If the Owner is providing a professional service, Professional Liability Insurance is required: a minimum limit of coverage shall be $1,000,000 per occurrence. The policy shall have a retroactive date prior to or coincident with the date of this Agreement, and the policy shall state the retroactive date. The Owner shall maintain coverage for the duration of this Agreement and for a minimum of three years following termination of this Agreement. The Owner shall annually provide the City with proof of renewal. If renewal of the coverage becomes unavailable, or economically unavailable (i.e., premiums quoted exceed ten per cent (10%) of the limits of liability), the Owner shall notify the City in writing of such unavailability and shall secure comparable coverage from another carrier acceptable to the City prior to expiration of the existing policy. D. Workers' Compensation The Owner shall provide or purchase Workers' Compensation Insurance coverage to meet the Washington state industrial insurance regulations and 7