(A) A franchise shall maintain throughout the term of the franchise insurance insuring the village and franchisee in the minimum amount of:
(1) Workers compensation, as required by all applicable federal, state, maritime or other laws, including franchisee's liability with a limit of at least $100,000 for each occurrence;
(2) Comprehensive general liability and extended coverage endorsement. Including nonownership and hired car coverage as well as owned vehicles, with minimum limits as follows:
(a) Bodily injury for each person, $1,000,000 and each occurrence, $1,000,000;
(b) Property damage or each occurrence $500,000;
(3) Excess liability, bodily injury and property damage, $5,000,000 for each occurrence.
(B) The insurance policies obtained by a franchisee in compliance with this section must be approved by the Village Attorney as being in compliance with this chapter and the franchise agreement within 30 days of the execution of the franchise agreement. Certified copies of such insurance policies, or certificates of insurance in lieu of the policies, along with written evidence of payment of required premiums, shall be filed and maintained with the Village Clerk during the term of the franchise. Such certified copies may be changed from time to time to reflect any increase in liability limits. A franchisee shall immediately advise the village of any litigation covered by the insurance.
(C) Neither the provisions of this section nor any damages recovered by the village thereunder shall be construed to limit the liability of a franchisee under any franchise issued under this chapter or for damages.
(D) All insurance policies maintained pursuant to a franchise shall name the village, its employees, agents, boards and officers as additional named insured parties with respect to all actions, inactions, errors and omissions of the franchisee, its agents or subcontractors and shall contain the following or substantially similar endorsement: It is hereby understood and agreed that this insurance policy may not be canceled by the insurer nor the intention not to renew be stated by the insurer until at least 30 days after receipt by the village, by registered mail, of a written notice of such intention to cancel or not to renew.
(E) Each policy of insurance shall be noncancellable except upon giving such notice to the village. If deemed appropriate by the Village Attorney, the franchisee shall also provide an owners and contractors protective liability policy.
(Ord. passed - -)