Before a license is issued, the applicant shall file with the City Clerk a five thousand dollar ($5,000.00) surety bond in a form approved by the City Attorney. The bond shall be conditioned for the faithful compliance with all the provisions of the Building Code and other ordinances of the City relating to the construction and repair of sidewalks, curb and gutter, or driveways, and that the licensee shall pay to the City any and all damages of every kind caused by the negligence of the licensee in the construction and repair of sidewalks, curb and gutter, or driveways within the City right of way, or damage from lack of proper protection in the construction and repair of the sidewalks, curb and gutter, or driveways, or from the noncompliance with any of the provisions of the Building Code or other ordinances of the City, and that the licensees shall pay all fees due to the City under the Building Code, under any ordinance or under any rules or regulations made in pursuance thereof.
No concrete contractor's license shall be issued or renewed until the applicant furnishes evidence of current commercial general liability insurance. The following insurance coverage shall require limits not less than those specified in the name of the licensee.
One million dollars ($1,000,000.00) combined single limit for bodily injury and property damage for each occurrence.
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. The suspension, voiding, nonrenewal, cancellation or reduction of insurance shall be cause for automatic suspension of the license until coverage is reinstated. All policies shall be kept in force for the term of the license.
Provided, however, that public utilities holding a franchise from the City, City departments, and other governmental agencies may be relieved of the obligation of submitting a bond and certificate of insurance by the City Engineering Department. (Ord. 05-135; Ord. 14-81)