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shall have a retroactive date prior to or coincident with the date of this Agreement, and <br /> the policy shall state the retroactive date. The Owner shall maintain coverage for the <br /> duration of this Agreement and for a minimum of three (3) years following expiration <br /> or termination of this Agreement. The Owner shall annually provide the City with proof <br /> of renewal. If renewal of the coverage becomes unavailable, or economically <br /> unavailable (i.e., premiums quoted exceed ten per cent (10%) of the limits of liability), <br /> the Owner shall notify the City in writing of such unavailability and shall secure <br /> comparable coverage from another carrier acceptable to the City prior to expiration of <br /> the existing policy. <br /> D. Workers' Compensation <br /> The shall provide or purchase Workers' Compensation Insurance coverage to meet <br /> the Washington state industrial insurance regulations and cause any contractors or <br /> subcontractors working on behalf of the Owner, as the case may be, to also carry such <br /> insurance prior to performing work on the Project. The City will not be responsible for <br /> payment of workers' compensation premiums or for any other claim or benefit for the <br /> Owner, its employees, consultants, Project contractors or subcontractors, which might <br /> arise under the Washington state industrial insurance laws that address workers' <br /> compensation. <br /> E. General Requirements <br /> Insurance shall be placed with insurance carriers licensed to do business in the state <br /> of Washington. Insurance carriers shall have an AM Best rating of A: VII or better. <br /> Prior to the execution of this Agreement, the Owner shall provide the City certificates <br /> of insurance with additional insured endorsement as evidence of coverage and have <br /> the City of Everett, its officers, elected officials, agents and employees named on its <br /> policy as an additional insured. Approval of insurance is a condition precedent to <br /> approval of this Agreement by Risk Management. <br /> The City maintains the right to receive a certified copy of all insurance policies. The <br /> Owner's insurance shall be endorsed to state that coverage shall not be cancelled by <br /> either party, except after forty-five (45) calendar days' prior written notice has been <br /> given to the City. <br /> The Owner shall include all subcontractors as insureds under its policies or shall <br /> furnish separate certificates and endorsements for each subcontractor. All coverage <br /> for subcontractors shall be subject to all of the same insurance requirements as stated <br /> herein for the Owner. <br /> XII. PROFESSIONAL SERVICES; CONSTRUCTION STANDARDS; PROJECT SCHEDULE <br /> A. Professional Services <br /> The Owner shall use the services of a professional architect or engineer to perform <br /> Project design and administration of the Project construction contract. The Owner <br /> City of Everett <br /> AHTF Agreement <br /> HopeWorks Station Residential LLLP <br /> Page 8 of 15 <br />