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endorsed to indicate that any premium, whether deposit or final, will be the sole obligation of the Contractor. e. Owner's Protective Liability Insurance — issued in the name of the City as sole insured, in amounts as indicated in (b) above. This policy must be endorsed to indicate that any premium, whether deposit or final, will be the sole obligation of the Contractor. f. When so required in the Special Provisions, the Contractor shall obtain Completed Value Builders' Risk Insurance — on an "All Risk" basis in an amount not less than one hundred (100 %) percent of the insurable value of the building(s) or structure(s). The policy shall be in the name of the Board of City Commissioners, and the Contractor, as their interests may appear. The Public Liability Insurance coverage as required in paragraph (b) above shall include those classifications, as listed in Standard Liability Insurance Manuals, which are applicable to the operations of the Contractor in the performance of this contract. All insurance policies required above shall be issued in companies authorized to do business under the laws of the State of Florida, with the following qualifications as to management and financial strength: The company must be rated no less than "B" as to management and no less than class "V" as to financial strength, by the latest (1986 or later) edition of Best's Insurance Guide, published by A.M. Best Company, Oldwick, New Jersey, or its equivalent, subject to the approval of the City Risk Management Division. Note: See Special Provisions for any modifications to these insurance requirements. 21. Annulment of Contract If the Contractor fails to begin the work within the time specified, or fails to perform the work with sufficient workmen and equipment or with sufficient materials to insure the prompt completion of said work unsuitably or cause it to be rejected as defective and unsuitable, or shall discontinue the prosecution of the work, or if the Contractor-shall become insolvent or be declared bankrupt, or commit any act or bankruptcy or insolvency, or shall any final judgment to stand against him unsatisfied for a period of 48 hours, or shall make an assignment for the benefit of creditors or from any other cause whatsoever shall not carry on the work in an acceptable manner, the Engineer may give notice in writing to the Contractor and his Surety of such delay, neglect or default, specifying the same. If the Contractor, within a period of ten (10) days after such notice, shall proceed in accordance therein, then the party of the first shall, upon written certificate from the Engineer of the fact of such delay, neglect or default, and the Contractor's failure to comply with such notice, have full power and authority, without violating the Contract, to take the prosecution of the work out of the hands of said Contractor according to the General Specifications Page 11 of 16