A. Prior to any placement, the owner or custodian must file with the Director of Public Works, or his or her designee, satisfactory to the liability and property damage insurance in the amount of One Million Dollars ($1,000,000) to indemnify the City against any personal injury, death, loss or damage resulting from the permittee's activities. The City and its officers shall be named as additional insureds. The policy must include a statement by the insurance carrier that thirty (30) days written notice will be given to the City before any cancellation or modification of coverage. The permittee must maintain such insurance for as long as the permittee maintains a newsrack in the public right-of-way; any lapse in coverage shall be grounds for removal. Said policy shall be issued by a California company by an issuer rated in Best's Insurance Guide with a rating of AAA or better.
B. The owner shall also execute a hold harmless agreement as provided by the City prior to placement.
('65 Code, § 22-32) (Ord. No. 96-010 § 1 (part))