705.07 INSURANCE.

   Any company franchised hereunder shall carry insurance to protect the City and the franchisee from and against all claims, demands, actions, judgments, costs, expenses and liabilities which may arise or result, directly or indirectly, from or by reason of, such loss, injury or damage. The amount of such insurance against liability due to physical damages to property shall not be less than twenty-five thousand dollars ($25,000) as to any one accident and not less than two hundred thousand dollars ($200,000) aggregate in any single policy year; and against liability due to bodily injury or to death of persons, not less than one hundred thousand dollars ($100,000) as to any one person and not less than three hundred thousand dollars ($300,000) as to any one accident. All policies shall be maintained and in effect for the entire life of any franchise term. Such policy or policies of insurance shall be approved by the Service-Safety Director of the City and certificates of such insurance, along with written evidence of payment of required premiums, and shall be filed and maintained with the Service-Safety Director.

(1979 Code 115.07)