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option of the City, either: (1) the insurer shall reduce or eliminate such deductibles or self-insured <br />retentions as respects the City, its directors, officials, officers, employees, agents and volunteers; or <br />(2) the Contractor shall procure a bond guaranteeing payment of losses and related investigation <br />costs, claims and administrative and defense expenses. <br />3.17.8 Acceptability of Insurers. Insurance is to be placed with insurers with a <br />current A.M. Best's rating no less than A:VHI, licensed to do business in California, and satisfactory <br />to the City. <br />3.17.9 Verification of Coverage. Contractor shall furnish City with original <br />certificates of insurance and endorsements effecting coverage required by this Contract on forms <br />satisfactory to the City. The certificates and endorsements for each insurance policy shall be signed <br />by a person authorized by that insurer to bind coverage on its behalf, and shall be on forms supplied <br />or approved by the City. All certificates and endorsements must be received and approved by the <br />City before work commences. The City reserves the right to require complete, certified copies of all <br />required insurance policies, at any time. <br />3.17.10 Subcontractors. All subcontractors shall meet the requirements of this <br />Section before commencing Work. In addition, Contractor shall include all subcontractors as <br />insureds under its policies or shall furnish separate certificates and endorsements for each <br />subcontractor. All coverages for subcontractors shall be subject to all of the requirements stated <br />herein. <br />3.18 Bond Requirements. <br />3.18.1 Payment Bond. If required bylaw or otherwise specifically requested by City <br />in Exhibit "B" attached hereto and incorporated herein by reference, Contractor shall execute and <br />provide to City concurrently with this Agreement a Payment Bond in an amount and form required <br />by City. No payment will be made to Contractor until such bond has been received and approved by <br />the City. <br />3.18.2 Performance Bond. If specifically requested by City in Exhibit "B" attached <br />hereto and incorporated herein by reference, Contractor shall execute and provide to City <br />concurrently with this Agreement a Performance Bond in an amount and form required by City. No <br />payment will be made to Contractor until such bond has been received and approved by the City. <br />9 (BB&K: revised July 2.2001) <br />