In order to protect the City against financial loss, and to provide a continuity of service at the airports operated by the City, the Director of Finance is hereby authorized to take out property damage, including but not limited to fire, windstorm, tornado and other casualty, and earnings insurance hereinafter specified. The premiums on such policies shall be paid by the City and the property damage insurance limits shall be controlled by current practices, but in any event limited to the replacement value of the physical facilities to be insured. The earnings insurance shall be limited to anticipated annual gross income derived directly or indirectly from the airport terminal facility insured.
(Ord. No. 781-57. Passed 6-17-57, eff. 6-19-57)