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14 <br /> <br />Revised 10/17 <br /> <br /> <br />The Contractor is responsible for all physical damage to owned or rented machinery, tools, <br />equipment, forms, and other items owned, rented or used by the Contractor and/or <br />Subcontractor(s) in the performance of the Work. The insurance coverage evidencing such shall <br />include a waiver of subrogation in favor of the Owner. <br /> <br />5.1.7 Valuable Papers and Records <br /> The Contractor shall provide valuable papers and records insurance with coverage in an <br />amount commensurate with project scope and set forth in the Supplementary General <br />Conditions. <br /> <br />5.1.8 Claims <br /> The Contractor shall notify the Owner within 24 hours of any claims or alleged claims received <br />by the Contractor covered by any of the policies of insurance required in this Agreement. The <br />Contractor shall provide a written copy of the claim or alleged claim to the Owner within 3 days <br />of the Contractor's receipt of the claim or alleged claim. If a claim is settled to the satisfaction of <br />the claimant, the Contractor shall submit a copy of the claimant's release to the Owner. If a <br />claim or alleged claim is rejected by the Contractor and/or its insurance company, the <br />Contractor shall immediately report this fact to the Owner. <br /> <br />Should 30 days elapse after the claim or alleged claim has been received by the Contractor, <br />and the Contractor is not able to report a settlement or rejection of the claim, it shall report to the <br />Owner the steps being taken with respect to the claim. Without limiting the foregoing, the <br />Contractor shall notify in writing the county risk manager of any paid or incurred claims which <br />may impair annual aggregate or general liability. <br /> <br />5.1.9 Deductibles and Self-insured Retentions <br /> Any deductibles or self-insured retentions must be declared to and approved by the Owner. At <br />the option of the Owner, either: a) the insurer shall reduce to a maximum of $250,000 or <br />eliminate such deductibles or self-insured retentions with respect to the Owner, or (b) the <br />Contractor shall provide evidence of collateral provided to insurers or procure a bond <br />guaranteeing payment of losses and related investigations, claim administration, and defense <br />expenses within the deductible or self-insured retention amount. Any self-insured retention or <br />deductible amount on the policy shall not reduce the amount of collectible limits or liability. <br /> <br />5.1.10 Subcontractors <br /> The Contractor shall include all Subcontractors as Insureds under its policies, or shall furnish <br />separate certificates, policies, and endorsements for each Subcontractor the Contractor intends <br />to use. If a Subcontractor does not take out insurance in his own name and the Contractor <br />wishes to provide insurance protection for such Subcontractor and such Subcontractor's <br />employees, the Contractor shall either (a) procure appropriate policies in the name of the <br />Subcontractor, or (b) cause a rider or riders to be attached to the Contractor's policies which <br />shall identify the Subcontractor thereby covered; provided, however, in the case of the latter <br />option, such a rider need not be attached to the Contractor's workers' compensation policy if <br />such policy by its terms is sufficiently broad to cover the employees of all Subcontractors <br />performing Work under the Contract Documents. Except as otherwise approved by the Owner in <br />writing, Limits of Liability and coverage scope must be at a minimum as stringent as required of <br />the Contractor by the Contract Documents. All Work performed for the Contractor by any <br />Subcontractor shall be pursuant to an appropriate agreement between the Contractor and the <br />24