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<br />8/20/2003 <br />(B) Issuers of Policies. The issuer of each policy shall have a certificate of <br />authority to transact insurance business in Texas or a Best's rating of at least A and a Best's <br />Financial Size Category of Class VI or better, according to the most current edition Best's Key <br />Rating Guide, Property-Casualty United States. <br /> <br />(C) Insured Parties. Each policy, except those for Workers' Compensation, <br />Employer's Liability, and Professional Liability, must name the La Porte Authority, its officers, <br />agents and employees as additional insured parties on the original policy and all renewals or <br />replacements. <br /> <br />(D) Deductibles. Developer shall be responsible for and bear (or shall contract <br />with each applicable contractor to bear and assume) any claims or losses to the extent of any <br />deductible amounts and waives (and shall contract with each contractor to waive) any claim it <br />may have for the same against the La Porte Authority or La Porte Zone, its officers, agents, or <br />employees. <br /> <br />(E) Cancellation. Each policy must state that it may not be canceled, <br />materially modified, or non-renewed unless the insurance company gives the La Porte Authority <br />30 days' advance written notice. Developer shall (and shall contract with each contractor to) <br />give written notice to the La Porte Authority within five days of the date on which total claims <br />by any party against such person reduce the aggregate amount of coverage below the amounts <br />required by this Agreement. In the alternative, the policy may contain an endorsement <br />establishing a policy aggregate for the particular Public Improvements or location subject to this <br />Agreement. <br /> <br />(F) Subrogation. Each policy must contain an endorsement to the effect that <br />the issuer waives any claim or right of subrogation to recover against the La Porte Authority, the <br />La Porte Zone, its officers, agents, or employees. <br /> <br />(G) Primary Insurance Endorsement. Each policy, except Workers' <br />Compensation and Professional Liability (if any), must contain an endorsement that the policy is <br />primary to any other insurance available to the additional insured with respect to claims arising <br />under this Agreement. <br /> <br />(H) Liability for Premium. Developer shall pay (or shall contract with <br />contractors to pay) all insurance premiums for coverage required by this Section, and the La <br />Porte Authority or La Porte Zone shall not be obligated to pay any premiums. <br /> <br />(I) Subcontractors. Notwithstanding the other provisions of this Section, the <br />amount of coverage contracted to be provided by subcontractors shall be commensurate with the <br />amount of the subcontract, but in no case less than $500,000 per occurrence. Developer shall <br />provide (or shall contract with contractors to provide) copies of insurance certificates to the La <br />Porte Authority. <br /> <br />14 <br />