If decided upon affirmative vote by a majority of members elected to Council that a permit shall be issued, the Mayor shall issue such permit as authorized by Council only if there is submitted to the Mayor a certificate of insurance that includes the following requirements:
(a) That the applicant has liability coverage for property damage and personal injury in the amount of not less than a combined one million dollars ($1,000,000) single limit per occurrence with an annual aggregate limit of two million dollars ($2,000,000);
(b) That said insurance policy shall specifically include liability coverage for the applicant covering the drilling and operation of the well including liability coverage for a blowout and crater in the drilling of such well;
(c) That said insurance policy shall remain in effect and be maintained by the applicant until such well is plugged and pulled;
(d) That the insurance carrier is required to be an "admitted carrier" with the State of Ohio or have a B+ (B plus) rating or higher as rated by A.M. Best;
(e) That the insurance agent who issues the policy show evidence of errors and omission insurance in the amount of one million dollars ($1,000,000);
(f) That the insurance carrier is required to give the City of Alliance written notice within thirty (30) days of cancellation of both the policy covering the applicant and the errors and omission policy covering the insurance agent.
The permittee shall pay to the owners of any realty, crops, buildings, improvements, goods or chattels located in the area, except persons who are parties to the drilling unit, any extra cost of insurance on such property imposed by reason of granting of the permit or the operations carried on thereunder. The permittee will hold the City free and harmless from any and all liability growing out of the granting of such permit. (Ord. 128-92. Passed 12-21-92.)