A. The operator shall obtain, effective from the date of execution of any agreement awarding a franchise in accordance herewith, and shall keep in force and effect during the entire term of such agreement or any extension thereof, a policy of comprehensive general liability insurance, duly executed by the officers or authorized representatives of a responsible and nonassessable insurance company evidencing the following minimum coverages for the benefit of the City as an additional insured, which insurance shall be noncancellable except upon ninety (90) days' prior written notice to the City.
Minimum limits; bodily injury, including death: five million dollars ($5,000,000.00) each occurrence; five million dollars ($5,000,000.00) aggregate.
Property damage: two million five hundred thousand dollars ($2,500,000.00) each occurrence; two million five hundred thousand dollars ($2,500,000.00) aggregate.
1. A copy of each such policy shall be delivered to the City upon the execution of such agreement.
2. At least ninety (90) days prior to expiration, written notice shall be given to the City of the insurer's intention not to renew such policy, or not to replace the same, or materially to alter or change the same. All premiums on such policy shall be at the expense of the operator. None of the provisions of this Chapter or of any insurance policy required by the City hereunder, nor the receipt of any proceeds recovered by the City under any such policy, nor any term or condition of any agreement awarding a franchise in accordance herewith, shall be construed to excuse the operator from the faithful performance of its obligation or limit its liability under any of the provisions of this Chapter or of any agreement awarding a franchise in accordance herewith.
B. The operator shall be solely responsible for the payment of premiums due for the insurance thereunder. The operator shall furnish written proof of the payment of such premiums to the City on or before the due date.
C. No policy of insurance required under the provisions of this Section shall be replaced, renewed, cancelled or materially changed or altered in any way except upon the express written authorization of the City. No change shall be authorized which would violate the provisions of this Section or which would materially affect the protection such policies afford the City. (Ord. 90-85)