A. Liability insurance.
1. Required. Except as otherwise provided in this Subchapter, a permit required by § 5.02.225 under which an excavation, tunnel or the laying of sewer or storm drain pipe in any public street, public place or public easement is contemplated, will not be issued until the applicant has filed with the City Engineer a policy of protective liability insurance in which the City has been named as insured or coinsured with the permitted. The policy of insurance shall insure the City and its officers and employees while acting within the scope of their duties, against all claims arising out of or in connection with the operations of the permitted, or any contractor or subcontractor of the permitted, pursuant to the permit.
2. Amounts. The policy of insurance shall provide coverage as follows:
Bodily Injury $100,000 each person
Bodily Injury $300,000 each accident
Property Damage $50,000 each accident
3. Coverage. Such policy of insurance shall provide coverage at least as broad as that provided in the Standard Form approved by the National Bureau of Casualty Underwriters, together with such endorsements as are required to cover the risks involved.
B. Deposits.
1. Required. Except as otherwise provided in this Subchapter, a permit required by § 5.02.225 under which an excavation, tunnel or the laying of sewer or storm drain pipe in any public street or public easement is contemplated, will not be issued until the applicant has deposited with the Director of Public Works not less than $500 in cash which shall remain on deposit with the Director for not less than six months from the date of the last permit issued to the depositor thereof. Such deposit will be held to insure the faithful performance of the work and the payment of all charges required by §§ 5.02.225 to 5.02.285 inclusive, and the Director is hereby empowered to deduct from the cash deposit all sums due for charges hereunder and for any and all damages accruing to this City by reason of faulty or defective work of the permitted.
2. Surety bond in lieu of deposit. Whenever in this Section a cash deposit in the amount of $500 or over is required, the applicant may provide in lieu of such cash deposit, a good and sufficient bond in an amount equal to the amount of such cash deposit, payable to this City, by and executed by the applicant as the principal and by a reliable surety company satisfactory to the City. Such bond shall be conditioned upon the payment of all charges required by §§ 5.02.225 to 5.02.285 inclusive, and the faithful and proper performance of work upon the same terms as those required by such cash deposit in lieu of which such bond is executed. The Director is hereby empowered to enforce collections under said bond for all sums due for charges hereunder and for any and all damages accruing to this City by reasons of faulty or defective work of the permitted.
('65 Code, § 29-19) (Ord. No. CS-666 § 1(10))