Upon the effective date of the grant of a franchise, the grantee shall obtain, pay all premiums for and make available to the city, at its request, certificates of insurance for the following insurance policies:
(A) A general commercial liability insurance policy insuring, indemnifying, defending and saving harmless the indemnified parties from any and all claims by any person whatsoever on account of injury to or death of a person or persons occasioned by the operations of the grantee under any franchise granted hereunder, or alleged to have been so caused or occurred with a minimum coverage of $1,000,000 for personal injury or death of one person and $3,000,000 for personal injury or death of any two or more persons in any one occurrence. The policy limits provided for herein may be unilaterally increased by city every five years to reflect increases in the Consumer Price Index;
(B) Property damage insurance for property damage occasioned by the operation of grantee under any franchise granted pursuant to this chapter, or alleged to have been so caused or occurred, with minimum coverage of $1,000,000 for property damage to the property of any one person and $3,000,000 for property damage to the properly of two or more persons in any one occurrence. The policy limits provided for herein may be unilaterally increased by city every five years to reflect increases in the Consumer Price Index;
(C) Workers compensation insurance as provided by applicable laws;
(D) All certificates of insurance called for herein shall be in a form satisfactory to the city with a company licensed to do business in the state with a rating by A.M. Best & Co. of not less than “A” and shall require 30-days’ written notice of any cancellation to both the city and the grantee. The grantee shall, in the event of any cancellation notice, obtain, pay all premiums for, and file with the city, written evidence of the issuance of replacement policies within 30 days following receipt by the city or the grantee of any notice of cancellation;
(E) If the grantee sells or transfers the cable system, or in the event of expiration, termination or revocation of a franchise, insurance and coverage shall be purchased and filed with the city for the then applicable amounts, providing coverage for the time periods according to applicable statutes of limitation, insurance for any issues attributable to the period the grantee held its franchise; and
(F) It shall be the obligation of the grantee to promptly notify the city of any pending or threatened litigation that would be likely to affect the indemnified parties.
(Ord. 78, passed 10-13-1997)