Prior to the issuance of a general contractor license, each applicant shall furnish proof of insurance, issued by an insurer authorized to insure in Illinois with a credit rating of B+ or higher by A.M. Best Company, evidencing commercial general liability insurance, as follows:
(A) If the applicant is applying for a Class A license: limits of not less than $5,000,000.00 per occurrence (primary or umbrella) for bodily injury, personal injury, property damage and completed operations arising in any way from the issuance of the license or activities conducted pursuant to the license;
(B) If the applicant is applying for a Class B license: limits of not less than $3,000,000.00 per occurrence (primary or umbrella) for bodily injury, personal injury, property damage and completed operations arising in any way from the issuance of the license or activities conducted pursuant to the license;
(C) If the applicant is applying for a Class C license: limits of not less than $1,000,000.00 per occurrence, $2,000,000.00 in the aggregate, for bodily injury, personal injury, property damage and completed operations arising in any way from the issuance of the license or activities conducted pursuant to the license;
(D) If the applicant is applying for a Class D license: limits of not less than $1,000,000.00 per occurrence, $2,000,000.00 in the aggregate, for bodily injury, personal injury, property damage and completed operations arising in any way from the issuance of the license or activities conducted pursuant to the license;
(E) If the applicant is applying for a Class E license: limits of not less than $1,000,000.00 per occurrence for bodily injury, personal injury, property damage and completed operations arising in any way from the issuance of the license or activities conducted pursuant to the license.
Each policy of insurance required under this section shall include a provision requiring 30 days' advance notice to the Commissioner prior to cancellation or lapse of the policy. The licensee shall maintain the insurance required under this section in full force and effect for the duration of the license period. A single violation of this section shall result in suspension or revocation of the general contractor license in accordance with Section 14A-3-305.
Each policy of insurance required under this section shall name the City of Chicago as additional insured on a primary, noncontributory basis arising directly or indirectly from the licensee's operations.
(Added Coun. J. 10-1-03, p. 9163, § 2.1; Amend Coun. J. 9-14-05, p. 55252, § 1; Amend Coun. J. 10-28-15, p. 11951, Art. VI, § 13; Amend Coun. J. 11-16-16, p. 37901, Art. II, § 10; Amend Coun. J. 10-27-21, p. 39543, Art. V, § 3)
Editor's note – Coun. J. 9-14-05, p. 55252, § 4, provides: "This ordinance shall be in force and effect upon its passage and approval. Provided, however, that with respect to any affected insurance policy in effect as the time of passage of this ordinance, the requirements imposed by Code Sections 4-36-030 and 4-36-090, as amended by this ordinance, must be complied with in conjunction with the renewal of any such insurance policy, or by January 1, 2007, whichever comes first."