7.3. SR 07-20-2015 - Laserfiche WebLink

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City’s Loss Payable Endorsement naming the City of Elk River, Minnesota, in Elk River, Minnesota, as Mortgagee 30-day notice to City in the event of cancellation or non-renewal by either party or material adverse change Replacement Cost Measure of Recovery Stipulated Value/Agreed Amount Endorsement (No Coinsurance) Boiler and Machinery Coverage (including business income, extra expense coverage) Flood Insurance ____ One (1) year’s business interruption, leasehold interest and/or rent loss insurance in an amount acceptable to City ____ Extra expense coverage in an amount acceptable to City ____ “Contingent Liability from Operation of Building Laws” coverage, “Demolition Costs” coverage, “Increased Cost of Construction” coverage, and “Increased Time to Rebuild” Coverage, with such additional limits for such coverages as City may reasonably require ____ No exclusion for “Collapse” ____ Earthquake Coverage ____ Deductible not to exceed $5,000 II. LIABILITY INSURANCE An ORIGINAL (or evidence acceptable to City of) Commercial General Liability Insurance POLICY (Insurance Services Offices policy form title) naming Developer as an insured, providing coverage on an “occurrence” rather than a “claims made” basis, and written by a carrier approved by City with a current A.M. Best Company rating of at least A:VII (which is authorized to do business in the State of Minnesota), that includes: ____ Combined general liability policy limit of at least $2,000,000.00 each occurrence, applying to liability for Bodily Injury, Personal Injury and Property Damage, which combined limit may be satisfied by the limit afforded under the Commercial General Liability Policy, or by such Policy in combination with the limits afforded by an Umbrella or Excess Liability Policy (or policies); provided, that the coverage afforded under any such Umbrella or Excess Liability Policy is at least as broad in all material respects as that afforded by the underlying Commercial General Liability Policy ____ Coverage for Bodily Injury, Property Damage, Personal Injury, Contractual Liability, Independent Contractors and Products-Completed Operations Liability ____ Automobile Liability insurance covering liability for Bodily Injury and Property Damage arising out of the ownership, use, maintenance or operation of all owned, nonowned and hired automobiles and other motor vehicles utilized by Developer in connection with the Project, which coverage may be provided under a separate policy ____ Deductible not to exceed $5,000 ____ Additional Insured Endorsement naming the City of Elk River, Minnesota and a Severability of Interest provision C-20 455958v10 SJS EL185-31