Upon issuance of a permit under this chapter, the permittee shall post and at all times while the permit is in existence, maintain a security bond and insurance as required by the provisions of this chapter.
A. The amount of the bond shall be designated by the approving authority at the time of approval of the permit, and shall be in an amount which is determined to be sufficient for removal of the encroachment in the event the permittee fails to comply with the conditions of the encroachment permit. The bond may be waived where it is determined that any injury to the city from the existence of the encroachment is minimal. Any security bond required by this section may be cash, or cash equivalent security approved by the city attorney and the risk manager, or a bond in accordance with title 3, chapter 4 of this code.
B. The amount of insurance shall be designated by the approving authority at the time of approval of the permit, and shall be in an amount which is determined to be sufficient to adequately protect the city, persons, and property for injuries or damages which may be caused by the encroachment authorized by the permit; provided further, insurance may be waived where risk is very minimal, and the encroachment has aesthetic value to the city. The insurance shall comply with the provisions of title 3, chapter 4 of this code. (1988 Code)