The following insurance requirements shall be met by each licensed contract security agency:
A. Workers' compensation and employers' liability as required by statute. Employers' liability coverage is to be carried for a minimum limit of one hundred thousand dollars ($100,000.00).
B. Automobile liability for limits not less than five hundred thousand dollars ($500,000.00) combined single limit for bodily injury and property damage for each occurrence. Coverage shall include owned, nonowned and hired automobiles.
C. Commercial general liability for limits not less than one million dollars ($1,000,000.00) combined single limit for bodily injury and property damage for each occurrence. Coverage shall include blanket contractual, broad form property damage, products and completed operations endorsements.
D. Certificates of insurance shall be submitted before the license is issued or renewed.
E. Each insurance policy required shall not be reduced, suspended, voided or canceled except after prior written notice has been given to the City. Such notice shall be sent directly to the Deputy Licensing Officer, City Clerk's Office, 30 S. Nevada Avenue, Suite 101, Colorado Springs, CO 80903. If any insurance company refuses to provide the required notice, the licensee or its insurance broker shall notify the City of any reduction, suspension, voiding, cancellation, or nonrenewal of any insurance upon receipt of an insurer's notification to that effect.
F. The licensee shall be responsible for any and all damage to property or injury to persons arising out of the exercise of the license. The licensee shall indemnify and save harmless the City and its officers, agents and employees from all suits, actions or claims of injuries received or sustained by any person or persons or property on account of any act or omission of the licensee, its agents or employees, or due to the failure of the licensee to observe the provisions of this section.
G. The suspension, voiding, nonrenewal, cancellation or reduction of insurance shall be cause for automatic suspension of the license until the coverage shall be reinstated. All policies shall be kept in force and effect for the term of the license. (Ord. 08-64; Ord. 14-88)