Beginning July 1, 2025:
(a) Each applicant for initial licensure or renewal shall submit a certificate of insurance documenting that the contractor carries general liability insurance with a minimum of $100,000 per occurrence, a minimum of $300,000 aggregate for bodily injury, property damage insurance with a minimum of $50,000 or a minimum of $300,000 combined single limit, and workers’ compensation insurance with a minimum $500,000 employer’s liability. No license may be issued in the absence of this certificate. This insurance must be in force at all times for the license to remain valid.
(b) Each policy of insurance required by this section shall be issued by an insurer authorized to insure in Illinois with a credit rating of B+ or higher by A.M. Best Company.
(c) 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.
(d) 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. 1-24-24, p. 8615, § 4)