In addition to obtaining a corporate surety bond as required by § 4-221, a builder or building contractor must procure and maintain a liability insurance policy in the amount of $500,000 for the death or injury to any number of persons and/or for property damage to any one accident. Such policies of insurance shall be issued by some insurance company authorized to do business in the state. A builder or building contractor may qualify as to insurance requirements by filing a certificate of insurance with the City Clerk executed by the resident agent of such company stating that the required insurance has been issued by such company for the purpose required by this article and that such insurer will not cancel the policy except upon giving 30 days’ notice in writing to the city; and that the certificate shall be filed for an annual period beginning January 1 and ending December of such year.
(Ord. 18-0611, passed 5-14-2018)