Every person or company applying for a contractor’s license shall present to the city to be filed a certificate or policy of insurance in the amount of $1,000,000, minimum, public liability insurance for each license held. Further, the issuing insurance company agrees to provide 30-day written notice in the event of expiration or of proposed cancellation of the insurance policy. Surety shall be conditioned that the principal, and all employees, will comply with all the ordinances of the city relating to model codes and to hold the city harmless on account of any damages arising from faulty performance or neglect of duty by the holder of such license. Every person or company applying for a contractor’s license shall present to the city a bond with two or more sureties, or a bond of a surety company to be approved by the City Building Inspector or his or her designee in the penal sum of $2,000 conditioned that the person or company applying for a contractor’s license will indemnify and keep harmless the city in case of any accident or damage arising from negligence or unskillfulness in doing or protecting his or her work or from any unfinished or inadequate work done in pursuance of a contractor’s license. Any bond required herein shall be a one-year renewable bond with starting and ending dates, signed by an officer of the surety company, and accompanied by power of attorney form, if applicable.
(Ord. 2126, passed - -2023)