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All contractors shall maintain on file a certificate of insurance against losses arising from any of the work covered by this Title Seven protecting against injury and death to any person in the amount of fifty thousand dollars ($50,000) for any injury or death to one person and one hundred thousand dollars ($100,000) for injury or death to all persons and twenty-five thousand dollars ($25,000) for damage to property and shall, further, furnish evidence of the same to the Building Inspector. However, any corporation having net assets in the amount of five million dollars ($5,000,000) over and above all liabilities need not comply with the provisions of this section if its officers furnish, at the time of application for a franchise, a financial statement, renewable yearly, and an indemnification letter holding the City harmless against all claims of public liability and property damage.
(Ord. 4873. Passed 8-5-57.)