No person shall obtain a barricade or excavation permit until he/she has provided a certificate of insurance satisfactory to the Mayor, and listing the City of Albuquerque as additionally insured, indicating that such person is insured against claims for damages for personal injury and for property damage which may arise from or out of the performance of the work, whether such performance be by himself, his/her subcontractor, or anyone directly or indirectly employed by him/her or his/her subcontractor. Such insurance must cover collapse, explosive hazard, damage to nearby utilities and underground work by equipment on the street, and must include protection for a period of one year from the date of completion of an excavation against liability arising from completed operations. The liability insurance for bodily injury in effect must be in an amount not less than $1,000,000 for each person and $2,000,000 for each occurrence, for property damage in an amount not less than $500,000 with an aggregate of $1,000,000 for each occurrence. Each such certificate must provide that the Mayor be given ten days notice of cancellation in writing from the insurance company. Any public utility company having a net worth in excess of $10,000,000 is not required to comply with the insurance requirements of this section, if it furnishes to the Mayor its written election to be self-insured and satisfactory proof by the first day of each year that it does have such net worth. It is further provided that the making of an excavation or barricading by any public utility company which elects to be self-insured under this provision, constitutes an agreement by such company to be responsible for and to hold harmless the city against all claims and liabilities arising from the making of an excavation or barricading by such company, or its subcontractor, or anyone directly or indirectly employed by such company or subcontractor for the same periods of time and types of acts or failure to act, for which insurance coverage would otherwise be required by this section.
(Ord. 13-2005)