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do business in the State of Indiana, selected by SMA and acceptable to the Commission for the benefit of SMA and the Commission, as their respective interests may appear, against loss or damage by fire or other casualty (including earthquake, to the extent customary and available on reasonable terms) covered by a customary extended coverage endorsement, in an amount equal to one hundred percent (100 %) of the replacement cost thereof and providing for and having a deductible in an amount not exceeding Twenty Five Thousand and Dollars ($25,000.00). Notwithstanding the foregoing, SMA shall at all times maintain such insurance in an amount sufficient to meet all co- insurance requirements under such insurance policy. The Commission shall not carry any insurance concurrent in coverage and contributing in the event of loss with any insurance required to be furnished by SMA hereunder, if the effect of such separate insurance would be to reduce the protection or the payment to be made under SMA's insurance. 5.03. Proof of Insurance. SMA shall deliver copies of insurance certificates evidencing all coverage required by this Section 5 to the Commission not less than ten (10) days prior to the expiration of any current insurance coverage. Each such policy referred to in this Section 5 shall contain a provision providing that the policy shall not be canceled, not renewed or materially amended without thirty (30) days prior written notice to the Commission or SMA, as applicable. 5.04. Adjustment in Insurance. If by reason of changed conditions or by reason of experience, SMA reasonably determines that the insurance amounts referred to in the foregoing Section 5.01 are inadequate, SMA shall, at the request of the Commission, increase the amounts of such insurance carried to the extent appropriate for a like facility under like circumstances. In the event that it shall become customary for a grantee of a similar easement to maintain types of insurance coverage other than those required to be maintained by SMA under this Section, SMA shall maintain such other types of insurance coverage upon the written request of the Commission so long as such types of insurance coverage can be obtained by SMA at a reasonable cost. 5.05. Waiver of Subrogation. SMA and the Commission waive all rights against each other and against those for whom the other is legally liable for all losses covered by insurance provided under this Section 5 to the extent the upper limits of such insurance are adequate to cover such losses, it being the intent of this provision to allocate all risk of such loss to such insurance: Provided, however, that this waiver shall not be effective if it would preclude or prejudice the right of SMA or the Commission to recover under such insurance policy. If the policies of insurance provided for under this Section 5 require an endorsement to provide for continued coverage where there is a waiver of subrogation, SMA will cause such policies to be so endorsed. 5.06. Insurance Proceeds. The proceeds of any and all policies of insurance upon the improvements on the Commission Property maintained pursuant to Section 5.02 remaining after any required payment to any mortgagee shall be used as a trust fund toward the repair, reconstruction, replacement or rebuilding of said improvements. Accordingly, all such policies of insurance shall provide that all proceeds payable at any time under such policies shall be paid to the Commission for the benefit of the Commission, SMA and any mortgagee. All such insurance proceeds deposited with the Commission remaining after any required payments to any mortgagee shall be disbursed in the manner and upon the conditions customarily 4