(A) Providers shall obtain and maintain in full force and effect throughout the term of a Municipal Authority granted under this Chapter insurance with an insurance provider licensed to do business in the State of New Mexico and acceptable to the City or shall provide evidence that it is a qualified self-insured. All insurance providers will be required to be rated A-VI or better by A.M. Best or A or better by Standard and Poors. Providers shall furnish the City with proof of such insurance so required at the time of the filing of the acceptance of a Municipal Authority. The City reserves the right to review these insurance requirements during the effective period of any Municipal Authority and to reasonably adjust insurance coverage and its limits when deemed necessary and prudent by the City's Risk Manager, based upon changes in statutory law, court decisions, or the claims history of the industry or the insurance provider.
(B) Subject to Providers' right to maintain reasonable deductibles in such amounts as are approved by the Director, Providers shall obtain and maintain in full force and effect for the duration of any Municipal Authority, at Providers' sole expense, insurance coverage in the type and minimum amounts as may be required by the City.
(C) The Director shall be entitled, upon request and without expense, to receive copies of certificates of insurance evidencing the coverage required above. The Director may make any reasonable requests for deletion, revision, or modification of particular policy terms, conditions, limitations, or exclusions, except where policy provisions are established by law or regulation binding upon either City or a Provider, or upon the underwriter for any of such policies. Upon request for deletion, revision, or modification by the Director, Providers shall exercise reasonable efforts to accomplish the changes and shall pay the cost thereof.
(D) Providers shall agree that with respect to the above-required insurance, all insurance certificates will contain the following required provisions:
(1) Name the City of Albuquerque and its officers, employees, board members, and elected representatives as additional insureds (as the interests of each insured may appear) as to all applicable coverage;
(2) Provide for 30 days notice to the City for cancellation, non-renewal, or material change;
(3) Provide for notice to both the Director and the Office of Risk Management by certified mail; and
(4) Provide that all provisions of this Chapter and the Municipal Authority, as amended, concerning liability, duty, and standard of care, including the indemnity section, shall be underwritten by contractual coverage sufficient to include such obligations within applicable policies, subject to policy terms and conditions.
(E) The insurance certificates obtained by Providers in compliance with this section shall be subject to approval by the City, and such proof of insurance shall be filed and maintained with the Director and the Office of Risk Management during the term of a Municipal Authority, or any extension or renewal thereof, and may be changed from time to time to reflect changing liability limits, as required by the City. Providers shall immediately advise the City Attorney of any actual or potential litigation that may develop that would affect insurance coverage related to any Municipal Authority.
(F) Insurers shall have no right of recovery against the City, it being the intention that the insurance policies shall protect Providers and the City and shall be primary coverage for all losses covered by the policies.
(G) Companies issuing the insurance policies shall have no recourse against the City of Albuquerque for payment of any premiums or assessments, which all are set at the sole risk of the Providers. Insurance policies obtained by Provider shall provide that the issuing company waives all right of recovery by way of subrogation against the City in connection with any damage covered by these policies.
(Ord. 20-1997)