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<br />B. Form of Policies. The Director may approve the form of the insurance policies, <br /> <br />but nothing the Director does or fails to do relieves the Authority of its obligation to provide the <br /> <br />required coverage under this Agreement. The actions or inactions of the Director do not waive <br /> <br />the City's rights under this Agreement. <br />C. Issuers of Policies. The issuer of each policy shall have ~ certificate of authority <br /> <br />to transact insurance business in Texas or a Best's rating of at least B+ and a Best's Financial <br /> <br />Size Category of Class VI or better, according to the most current edition of Best's Key Rating <br /> <br /> <br />Guide, Property-Casualty United States. <br /> <br /> <br />D. Insured Parties. Each policy, except those for Workers' Compensation, <br /> <br /> <br />Employer's Liability, and Professional Liability, must name the City (and its officers, agents, <br /> <br /> <br />and employees) as additional insured parties on the original policy and all renewals or <br /> <br /> <br />replacements. <br /> <br /> <br />E. Deductibles. The Authority shall be responsible for and bear (or shall contract <br /> <br /> <br />with each applicable contractor to bear and assume) any claims or losses to the extent of any . <br /> <br /> <br />deductible amounts and waives (and shall contract with each contractor to waive) any claim it <br /> <br />may have for the same against the City, its officers, agents, or employees. <br /> <br /> <br />F. Cancellation. Each policy must state that it may not be canceled, materially <br /> <br /> <br />modified, or nonrenewed unless the insurance company gives the Director 30 days' advance <br /> <br /> <br />written notice. The Authority shall (and shall contract with each contractor to) give written <br /> <br /> <br />notice to the Director within five days of the date can which total claims by any party against <br /> <br /> <br />such person reduce the aggregate amount of coverage below the amounts required by this <br /> <br /> <br />Agreement. In the alternative, the policy may contain an endorsement establishing a policy <br /> <br /> <br />aggregate for the particular project or location subject to this Agreement. <br /> <br />19 <br /> <br />HOU:2680299.l <br />