(A) Insurance requirements are met if the person, partnership or corporation secures insurance covering all construction activity accomplished by the listed contractor or under permits obtained by the listed contractor and which runs for one calendar year and thereafter maintains such insurance in full force and effect for each listing period:
(1) A public liability and property damage insurance policy naming the listed contractor and the city as the assured, and providing also for the payment of any liability imposed by law on such listed contractor or the city in minimum amounts of $300,000 for any occurrence relative to which there is injury or death to one or more persons, and $100,000 for any occurrence relative to which there is damage to property. A certificate of such policy shall be delivered to the Building Commissioner.
(2) Workmen's compensation insurance covering the personnel employed wherever construction is accomplished by the listed contractor or on projects for which the listed contractor obtained permits. A certificate of such insurance shall be delivered to the Building Commissioner.
(B) The Building Commissioner may, however, grant relief from the time period requirements of this section by allowing a person, partnership, or corporation to secure insurance which does not run for one full calendar year.
(Ord. 29-1977, passed 10-17-77; Am. Ord. 4-1996, passed 4-15-96)