An electrical contractor, sign electrician or master electrician licensed under this subchapter, before engaging in the business of installing wiring, electrical apparatus or signs, shall file with the Building Inspections Department evidence of commercial general liability insurance which meets or exceeds the following requirements:
(A) Commercial general liability insurance in an amount not less than $100,000 combined for property damage and bodily injury sustained by one or more persons, $100,000 aggregate for products and completed operations. In the event claims occur which reduce the required coverage to a level of $75,000 or less, the licensee shall reinstate the coverage to the original $100,000 amount or greater.
(B) The products and completed operations liability shall cover the public and the contractor from claims arising from an occurrence after the job is completed.
(C) A license applicant or holder shall furnish to the city a certificate of insurance as evidence of the insurance required in divisions (A) or (B) of this section. The license holder's name and address must be shown as it appears on the license. Binders and interim certificates of less than 60 days will not be accepted.
(D) The certificate of insurance shall certify that the policy has been endorsed with the provisions that in the event such coverage is canceled or reduced, the insurance carrier shall notify the Department at least 45 days prior to such cancellation or reduction in coverage. Each nonrenewal notice shall also be submitted by the insurance carrier to the city at least 45 days prior to the renewal date. In the event that coverage is canceled for nonpayment of premium, the insurance carrier shall notify the department at least ten days prior to such cancellation.
(E) Certificates of insurance will be accepted only when signed by those officers or agents of an insurance company empowered to sign such certificates by the insurance company. The insured will obtain the names of such officers or agents from the insurance companies and will provide a list of such officers and agents with the other submissions required in this section.
('68 Code, § 11-3.1) (Ord. 5-1992-11, passed 5-28-92; Am. Ord. 3-2002-17, passed 3-26-02) Penalty, see § 150.999