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from the date of this contract. The time for completion of the PROJECT may be extended subject to the approval of the STATE. The CITY or the BORROWER must provide, in writing, documented justification for any request for an extension within sixty (60) days prior to the end of the period for completion. Within thirty (30) days following receipt of the request, the State shall provide a letter of approval or denial of the request for an extension of time for completion. 3. Indemnification By The CONSTRUCTION FIRM. The CITY or the BORROWER shall require all CONSTRUCTION FIRMS and their subcontractors to indemnify the STATE and the CITY and the BORROWER against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property, caused by any acts or omissions of those parties or sustained in connection with the performance of any contract related to the PROJECT or by conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or actions. 4. Liability Insurance During Construction. The CITY or the BORROWER shall require the CONSTRUCTION FIRM and its subcontractors to maintain, during the term of their contracts for construction of the PROJECT, the fOllOW. in,"surance with a company that is satisfactory to the STATE: ~'-V a. Worker's compensatiOn and emplo"". ~ty ut.u~ in the required statutory b. ::t::::i1e liability insurance Whic~~~for all owned, non-owned and hired vehicles with minimum limit~):tI ,000,000 combined single limit for bodily injury and property damage. c. Commercial general liability insurance with minimum limits of $1,000;000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include products/completed operations and personal injury. d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, hail, vandalism, and flood in an amount equal to the completed value of the PROJECT. Said general liability insurance shall name the CITY, the BORROWER and the STATE as additional insureds. An additional insured endorsement and a current copy of a certificate of said liability insurance must be provided to the STATE prior to commencement of construction and maintained until construction is complete. No payments shall be made to the BORROWER unless all insurance certificates are current. The CITY or the BORROWER shall file notices of renewals of said policies with the STATE as renewals occur. During the time of construction, the STATE reserves the right to increase the above amount of insurance so that said amounts at a minimum correspond to the amount established by the Colorado Governmental Immunity Act, now and as hereafter amended. City of Loveland and City of Loveland, Colorado, Water Enterprise Page 4 of 15