Unless otherwise provided in a license or franchise agreement, each grantee shall, as a condition of the grant, secure and maintain the following liability insurance policies provided by an insurer rated at least “A” by Best Insurance Rating Service and insuring both the grantee and the village, and its elected and appointed officers, officials, agents and employees as co-insured:
(A) Comprehensive general liability insurance with limits not less than:
(1) Five million dollars for bodily injured or death to each person;
(2) Five million dollars for property damage resulting from any one accident; and
(3) Five million dollars for all other types of liability.
(B) Automobile liability for owned, non-owned and hired vehicles with a limit of $3,000,000 for each person and $3,000,000 for each accident;
(C) Worker’s compensation within statutory limits and employer’s liability insurance with limits of not less than $1,000,000;
(D) Comprehensive form premises-operations, explosions and collapse hazard, underground hazard and products completed hazard with limits of not less than $3,000,000;
(E) (1) The liability insurance policies required by this section shall be maintained by the grantee throughout the term of the telecommunications license or franchise and such other period of time during which the grantee is operating without a franchise or license hereunder, or is engaged in the removal of its telecommunications facilities.
(2) Each insurance policy shall contain the following endorsement:
“It is hereby understood and agreed that this policy may not be canceled nor the intention not to renew be stated until 90 days after receipt by the village, by registered mail, of a written notice addressed to the Village Administrator of the intent to cancel or not to renew.”
(F) Within 60 days after receipt by the village of the notice and, in no event, later than 30 days prior to the cancellation, the grantee shall obtain and furnish to the village replacement insurance policies meeting the requirements of this section.
(1981 Code, § 18.7.16)