(a) Insurance for intermediary – Required. Each licensee under this Article II shall obtain commercial general liability insurance, with limits of not less than one million dollars ($1,000,000.00) per occurrence, for bodily injury, personal injury (if such coverage is commercially available to the licensee), and property damage arising in any way from the issuance of the intermediary license or activities conducted pursuant to that license. Each policy of insurance shall: (i) be issued by an insurer authorized to insure in the State of Illinois; (ii) name the City of Chicago as an additional insured on a primary, noncontributory basis for any liability arising directly or indirectly from the issuance of the license; (iii) be maintained in full force and effect for the duration of the license period; and (iv) include a provision requiring 30 calendar days' advance notice to the Commissioner prior to cancellation or lapse of the policy.
(b) Insurance for guests – Required. Each licensee under this Article II shall provide commercial general liability insurance, with limits of not less than one million dollars ($1,000,000.00) per occurrence for bodily injury, personal injury (if such coverage is commercially available to the licensee), and property damage arising in any way from activities conducted pursuant to a registration or issuance of a license for a short term residential rental. Such insurance shall cover any bodily injury, personal injury (if such coverage is commercially available to the licensee), or property damage sustained by any guest arising in any way from activities related to the rental of the short term residential rental. Each policy of insurance provided shall have policy limits, as set forth in this subsection (b), that apply separately for each short term residential rental, and if the policy has an aggregate limit, the aggregate limit shall apply separately to each short term residential rental. Each policy of insurance shall be: (i) issued by an insurer authorized to insure in the State of Illinois; and (ii) maintained in full force and effect for as long as the short term residential rental is registered or licensed, as applicable. The licensee shall provide advance notice to the Commissioner of the cancellation of, or lapse in, the policy as soon as is reasonably practicable after the licensee becomes aware of such cancellation or lapse.
(c) Identification of local contact person – Required. Each licensee under this Article II shall include on its platform the name of, and contact information for, the licensee's local contact person.
(d) Compliance with tax laws – Required. Each licensee under this Article II shall comply with all applicable federal, state and local laws and regulations regarding the collection and payment of taxes, including but not limited to the Chicago Hotel Accommodation Tax Ordinance, Chapter 3-24 of this Code (where applicable).
(e) Compliance with rental, homeowners association and cooperative building agreements – Required. Each licensee under this Article II shall post a notice on its platform informing Providers that the Provider must comply with all existing applicable rental agreements or homeowners association or cooperative building rules or restrictions regarding rental of the short term residential rental for transient occupancy.
(f) Descriptive listing information – Required. Each licensee under this Article II shall post a notice on its platform informing Providers that every listing on the intermediary's platform must include the information required under Section 4-14-040(a)(1) through (a)(4), inclusive.
(g) Process to remove listings from a platform – Required. Each licensee under this Article II shall establish a process, to be approved by the Commissioner, that enables a Provider to remove from the intermediary's platform any or all of the provider's listings on such platform.
(h) Process to address quality of life concerns due to units on ineligible list – Required. Each licensee under this Article II shall establish and comply with a process, to be approved by the Commissioner, for mitigating the impact on quality of life of any short term residential rental determined by the Department to be ineligible for listing on a platform under Section 4-13-260.
(i) Compliance with written plan – Required. Each licensee under this Article II shall comply with any written plan approved by the Commissioner pursuant to Section 4-13-210(a)(4).
(j) Posting license and registration numbers on listings – Notification to providers – Required.
(1) Each licensee under this Article II shall advise Providers, by posting a notice in a conspicuous place on its platform or otherwise, that such Providers are required under the Code to: (i) obtain a valid registration or license number, as applicable, for the short term residential rental prior to advertising it for rent, listing it on the platform, renting it, or booking it for future rental; and (ii) post the applicable registration or license number on the platform as part of the provider's listing.
(2) Each licensee under this Article II shall establish a process, to be approved by the Commissioner, to ensure that Providers have the ability to include the registration or license number, as applicable, of any short term residential rental listed by such provider on the licensee's platform.
(k) Approved means of data transmission – Required. Each licensee under this Article II shall use an approved application program interface ("API") or other approved electronic means required by the Department to transmit data and other communications to the Department and to receive data and other communications from the Department.
(Added Coun. J. 6-22-16, p. 27712, § 8; Amend Coun. J. 9-9-20, p. 20269, § 10; Amend Coun. J. 3-24-21, p. 28843, § 1; Amend Coun. J. 11-7-22, p. 54948, Art. V, § 3)