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Exhibit C <br /> INSURANCE REQUIREMENTS <br /> Prior to initiating work on the Project and continuing through throughout the term of this <br /> Agreement, Owner shall obtain and maintain the following policies of insurance: <br /> (a) a commercial general liability policy in the amount of Two Million Dollars <br /> ($2,000,000) each occurrence, Two Million Dollars ($2,000,000) annual aggregate, together with <br /> Three Million Dollars ($3,000,000) excess liability coverage, or such other policy limits as City <br /> may require in its reasonable discretion, including coverage for bodily injury, property damage, <br /> products, completed operations and contractual liability coverage. Such policy or policies shall be <br /> written on an occurrence basis and shall name the Indemnitees as additional insureds. <br /> (b) a comprehensive automobile liability coverage in the amount of Two Million <br /> Dollars ($2,000,000), combined single limit including coverage for owned and non-owned <br /> vehicles and shall furnish or cause to be furnished to City evidence satisfactory to City that Owner <br /> and any contractor with whom Owner has contracted for the performance of work on the Property <br /> or otherwise pursuant to this Agreement carries workers' compensation insurance as required by <br /> law. Automobile liability policies shall name the Indemnitees as additional insureds. <br /> (c) Owner shall furnish or cause to be furnished to City evidence satisfactory to City <br /> that Owner and any contractor that has contracted for the performance of work on the Property or <br /> otherwise pursuant to this Agreement carries statutory Workers' Compensation insurance and <br /> Employer's Liability insurance in a minimum amount of One Million Dollars ($1,000,000) per <br /> accident. <br /> (d) Upon commencement of construction and continuing until issuance of a Certificate <br /> of Completion, Owner and all contractors working on behalf of Owner shall maintain a policy of <br /> builder's all-risk insurance in an amount not less than the full insurable cost of the Project on a <br /> replacement cost basis naming City as loss payee. <br /> (e) Upon completion of Project construction, Owner shall maintain property insurance <br /> covering all risks of loss (other than earthquake), including flood (if required) for 100%of the <br /> replacement value of the Project with deductible, if any, in an amount acceptable to City, naming <br /> City as loss payee. <br /> (I) Companies writing the insurance required hereunder shall be licensed to do <br /> business in the State of California. Insurance shall be placed with insurers with a current A.M. <br /> Best's rating of no less than A: VII. The Commercial General Liability and comprehensive <br /> automobile policies required hereunder shall name the Indemnitees as additional insureds. <br /> Builder's Risk and property insurance shall name City as loss payee as its interests may appear. <br /> (g) Prior to commencement of construction work, Owner shall furnish City with <br /> certificates of insurance in form acceptable to City evidencing the required insurance coverage <br /> and duly executed endorsements evidencing such additional insured status. The certificates shall <br /> contain a statement of obligation on the part of the carrier to notify City of any material adverse <br /> OAK 44832-3506-8205 v2 31 <br />