All building contractors operating in the jurisdiction of the municipality shall be registered with the municipality. Each such contractor shall furnish to the municipality a general liability insurance policy providing for coverage of at least the following minimums: bodily injury: $100,000 for each person; $300,000 for each accident for bodily injury; and $100,000 property damage for each accident. Such policy shall provide that a 30-day written notice shall be given to the Municipal Clerk in the event of expiration of or proposed cancellation of such insurance policy. Failure of a contractor to register with the municipality or keep proof of current insurance on file may result in the suspension of the contractor’s registration and privilege to operate in the municipality until such violations have been corrected to the satisfaction of the municipality.
(2000 Code, § 9-106)