(A) No license shall be issued under this chapter, nor shall any license be valid after issuance, unless there is at all times in force and effect insurance coverage issued by an insurance company licensed to do business in the State of Illinois as follows; except that rubbish and debris collection businesses are not required to maintain comprehensive general liability insurance.
(1) Comprehensive general liability:
Bodily injury | $250,000 each occurrence |
$250,000 aggregate | |
Property damage | $250,000 each occurrence |
$250,000 aggregate | |
or | |
Combined single limit for bodily injury and property damage | $500,000 |
Comprehensive form to include:
Premise operations
Product/completed operations
Contractual insurance
Personal injury
City shall be named as additional insured
(2) Vehicle liability:
Comprehensive form | |
Owned | |
Hired | |
Nonowned | |
Bodily injury | $250,000 each person |
$250,000 each accident | |
Property damages | $ 50,000 |
Combined single limit for bodily injury and property damage | $300,000 |
(3) Worker's Compensation (where applicable):
Coverage A Statutory
Coverage B $500,000 each accident
Coverage B $500,000 each accident
(B) These insurance policies shall be submitted to the City Clerk for approval prior to the issuance of each license under § 93.02. Satisfactory evidence that the insurance is at all times in force and effect shall be furnished to the City Clerk, in such form as he may specify, by all licensees required to provide the insurance under the provisions of this section.
(C) Every insurance policy required hereunder shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon, that the liability of the insurer shall not be affected by the insolvency or the bankruptcy of the insured, and that until the policy is revoked the insurance company will not be relieved from liability on account of nonpayment of premium, failure to renew the license at the end of the year, or any act or omission of the named insured.
(D) Every insurance policy required hereunder shall extend for the period to be covered by the license applied for and the insurer shall be obliged to give not less than 60 days' written notice to the City and to the insured before any cancellation or termination of the policy earlier than its expiration date. The cancellation or other termination of any policy shall automatically revoke and terminate the licenses issued for the licensee or business covered by the policy, unless another insurance policy complying with the provisions of this section shall be provided and be in effect at the time of cancellation or termination.
(Ord. 7334, passed 6-7-88; amend. Ord. 7373, passed 12-6-88; amend. Ord. 8241, passed 4-2-02; amend. Ord. 8381, passed 9-7-04; amend. Ord. 8688, passed 2-16-10)