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No person shall begin or conduct any excavation within five feet of the public way, or within five feet of any portion of a structure located on the property of another, without maintaining in effect a commercial general liability insurance policy against all claims for damage, death and injury arising from the excavation. The policy shall be in an amount determined by the building commissioner, based on the size of the excavation and the proximity, construction and occupancy of structures on adjacent property. In no event shall the amount be less than $1,000,000.00 per occurrence for bodily injury, personal injury and property damage and the policy shall provide for 30 days' advance notice to the City of Chicago prior to cancellation or lapse of the policy. Proof of the required insurance shall be submitted as part of the application for the permit for the excavation and shall remain in full force and effect throughout the duration of the permit period.
(Added Coun. J. 12-15-99, p. 21407, § 1; Amend Coun. J. 7-25-01, p. 64897, § 7; Amend Coun. J. 3-5-03, p. 104990, § 28; Amend Coun. J. 11-13-07, p. 14999, Art. II, § 1; Amend Coun. J. 11-16-16, p. 37901, Art. II, § 47)