A. Insurance Requirements:
1. Unless otherwise provided in a license or franchise agreement, each grantee shall, as a condition of the grant, secure and maintain the following liability insurance policies insuring both the grantee and the village and its elected and appointed officers, officials, agents and employees as co-insureds:
a. Comprehensive general liability insurance with limits not less than:
(1) Five million dollars ($5,000,000.00) for bodily injury or death to each person;
(2) Five million dollars ($5,000,000.00) for property damage resulting from any one accident; and
(3) Five million dollars ($5,000,000.00) for all other types of liability.
b. Automobile liability for owned, nonowned and hired vehicles with a limit of three million dollars ($3,000,000.00) for each person and three million dollars ($3,000,000.00) for each accident.
c. Workers' compensation within statutory limits and employer's liability insurance with limits of not less than one million dollars ($1,000,000.00).
d. Comprehensive form premises-operations, explosions and collapse hazard, underground hazard and products-completed hazard with limits of not less than three million dollars ($3,000,000.00).
2. The liability insurance policies required by this subsection A shall be maintained by the grantee throughout the term of the telecommunications license or franchise, and such other period of time during which the grantee is operating without a franchise or license hereunder, or is engaged in the removal of its telecommunications facilities. Each such insurance policy shall contain the following endorsement:
It is hereby understood and agreed that this policy may not be cancelled nor the intention not to renew be stated until 90 days after receipt by the Village, by registered mail, of a written notice addressed to the Village Administrator of such intent to cancel or not to renew.
3. Within sixty (60) days after receipt by the village of said notice, and in no event later than thirty (30) days prior to said cancellation, the grantee shall obtain and furnish to the village replacement insurance policies meeting the requirements of this subsection A.
B. General Indemnification: Each license or franchise agreement shall include, to the extent permitted by law, grantee's express undertaking to defend, indemnify and hold the village and its officers, employees, agents and representatives harmless from and against any and all damages, losses and expenses, including reasonable attorney fees and costs of suit or defense, arising out of, resulting from or alleged to arise out of or result from the negligent, careless or wrongful acts, omissions, failures to act or misconduct of the grantee or its affiliates, officers, employees, agents, contractors or subcontractors in the construction, operation, maintenance, repair or removal of its telecommunications facilities, and in providing or offering telecommunications services over the facilities or network, whether such acts or omissions are authorized, allowed or prohibited by this title or by a grant agreement made or entered into pursuant to this title.
C. Performance And Construction Surety: Before a license or franchise granted pursuant to this title is effective, and as necessary thereafter, the grantee shall provide and deposit such monies, bonds, letters of credit or other instruments in form and substance acceptable to the village as may be required by this title or by an applicable license or franchise agreement.
D. Security Fund:
1. Each grantee shall establish a permanent security fund with the village by depositing the amount of fifty thousand dollars ($50,000.00) with the village in cash, an unconditional letter of credit, or other instrument acceptable to the village, which fund shall be maintained at the sole expense of the grantee so long as any of grantee's telecommunications facilities are located within the public ways of the village.
2. The fund shall serve as security for the full and complete performance of this title, including any costs, expenses, damages or loss the village pays or incurs because of any failure attributable to the grantee to comply with the codes, ordinances, rules, regulations or permits of the village.
3. Before any sums are withdrawn from the security fund, the village shall give written notice to the grantee:
a. Describing the act, default or failure to be remedied, or the damages, costs or expenses which the village has incurred by reason of grantee's act or default.
b. Providing a reasonable opportunity for grantee to first remedy the existing or ongoing default or failure, if applicable.
c. Providing a reasonable opportunity for grantee to pay any monies due the village before the village withdraws the amount thereof from the security fund, if applicable.
d. That the grantee will be given an opportunity to review the act, default or failure described in the notice with the village administrator or his designee.
4. Grantees shall replenish the security fund within fourteen (14) days after written notice from the village that there is a deficiency in the amount of the fund.
E. Construction And Completion Bond:
1. Unless otherwise provided in a license or franchise agreement, a performance bond written by a corporate surety acceptable to the village equal to at least one hundred percent (100%) of the estimated cost of constructing grantee's telecommunications facilities within the public ways of the village shall be deposited before construction is commenced.
2. The construction bond shall remain in force until sixty (60) days after substantial completion of the work, as determined by the village engineer, including restoration of public ways and other property affected by the construction.
3. The construction bond shall guarantee, to the satisfaction of the village:
a. Timely completion of construction.
b. Construction in compliance with applicable plans, permits, technical codes and standards.
c. Proper location of the facilities as specified by the village.
d. Restoration of the public ways and other property affected by the construction.
e. The submission of as built drawings after completion of the work as required by this title.
f. Timely payment and satisfaction of all claims, demands or liens for labor, material or services provided in connection with the work. (Ord. 96-10, 5-7-1996)