(A) The grantee, at all times during the existence of any franchise issued under this chapter, shall maintain in full force and effect, furnish to the city, and file with the Council, at its own cost and expense, a general comprehensive liability insurance policy in protection of the city, and its officers, boards, commissions, agents, and employees, in a company approved by the City Manager and in such form as the City Attorney shall reasonably require, protecting the city and all persons against liability for loss or damage for personal injury, death, and property damage occasioned by the operations of the grantee under such franchise, with minimum liability limits of $500,000 for personal injury or the death of any one person, and $1,000,000 for personal injury or the death of two more persons in any one occurrence, and $100,000 for damages to property resulting from any one occurrence.
(B) The policies required by division (A) of this section shall name the city, and its officers, boards, commissions, agents, and employees, as additional insured and shall contain a provision that a written notice of any cancellation or reduction in coverage of such policies shall be delivered to the city 20 calendar days in advance of the effective date thereof. If such insurance is provided in either case by a policy which also covers the grantee or any other entity or person than those above named, then such policy shall contain the standard cross-liability endorsement.
(C) No franchise granted under this chapter shall be effective unless and until each of the policies of insurance as required by this section have been delivered to the city.
('66 Code, § 5-5.19) (Ord. 590-C-S, passed 9-11-84)