(A) The grantee shall maintain and by its acceptance of the franchise specifically agrees that it will maintain throughout the term of the franchise, liability insurance insuring the town, the town's elected officials, and the grantee in the minimum amount of:
(1) $500,000 for property damage to any one person;
(2) $1,000,000 for property damage in any one accident;
(3) §1,000,000 for personal injury to any one person; and
(4) $2,000,000 for personal injury in any one accident.
(B) The insurance amounts in division (A) may be increased by the town to compensate for inflation.
(C) The insurance policy obtained by the grantee in compliance with this section must be approved by the Town Attorney, and the insurance policy, along with written evidence of payment of required premiums, shall be filed and maintained with the town during the term of the franchise, and may be changed from time to time to reflect changing liability limits. The grantee shall immediately advise the town of any litigation that may develop that would affect this insurance.
(D) Neither the provisions of this section nor any damages recovered by the town hereunder shall be construed to limit the liability of the grantee under any franchise issued hereunder or for damages.
(E) All insurance policies maintained pursuant to the CATV franchise shall contain the following endorsement:
“It is hereby understood and agreed that this insurance policy may not be canceled by the surety nor the intention not to renew be stated by the surety until 30 days after receipt by the town, by registered mail, of a written notice of such intention to cancel or not to renew."
(Ord. passed 7-21-86)