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approved policy obtained from a licensed carrier , for all persons employed, either directly or through subcontractors, in carrying out the work under this contract, in accordance with the "Worker ' s Compensation and Insurance Act" , Division IV of the Labor Code of the State of California and any acts amendatory thereof. ' If the Contractor fails to maintain such insurance , the Agency may take out insurance to cover any compensation which the Agency might be liable to pay under the provisions of said Act as amended , by reason of an employee of the Contractor being injured or killed while engaged in the work covered by this contract, and deduct and retain the amount of the premiums for such insurance from any sums due the Contractor under this contract. Failure of the Agency to obtain such insurance shall in no way relieve the Contractor from any of his ' responsibilities under the contract. If an injury occurs to any employee of the Contractor for which the employee or his dependents in the event of his death, may be entitled to compensation from the Agency under the provisions of the said Act , or for which compensation is claimed from the Agency, there will be retained out of the sums due the Contractor under this contract an amount sufficient to cover such compensation as fixed by said Act , until such compensation is paid or it is determined that no compensation is due. If the Agency is required to pay such compensation, the ' amount so paid will be deducted and retained from such sums. c . Builder ' s Risk Insurance - The Contractor shall be responsible for all loss, damage or destruction whatsoever to the work called for by this contract . The Contractor shall secure "All Risk" type of builder ' s Risk Insurance of the type covering 100 percent of the value of the work performed under this contract and all materials, equipment, or other items to be incorporated therein while the same are located at the construction site , a bonded warehouse , or its place of manufacture. At any time, the policy shall cover the value of the work completed. The policy shall cover hazards including the losses due to fire , explosion, hail , rain , lightning , ' flood , inundation , mudslide , erosion, vandalism, malicious mischief, wind, collapse, riot, aircraft, and smoke during the Contract Time, and until the work is accepted by the Agency. The Contractor shall also secure any flood insurance made available under the National Flood Insurance Program administered by the Federal Insurance Administration of the U.S.Department of Housing and Urban Development . Losses to be covered under a policy issued by the National Flood Insurance Program shall be covered by the Contractor ' s All Risk policy. The policies providing such insurance shall name the Agency G-11