A. An MCS provider shall secure and maintain, for as long as it provides multi-channel service to subscribers, public liability, property damage insurance, and umbrella coverage in at least the following amounts:
1. Public liability: $2,000,000.00 per person/per occurrence;
2. Property damage: $2,000,000.00 per any one (1) claim;
3. Umbrella liability: $4,000,000.00 with up to a $50,000.00 deductible and/or base insurance.
B. An MCS provider's public and personal liability and property damage insurance policy shall specifically include the City, the Mayor, the Council/franchising authority, their officials, agents, employees or representatives as additional insureds.
C. The public and personal liability and property damage insurance policy shall be issued by an agent or representative of an insurance company licensed to do business in the State, and which has one (1) of the three highest or best ratings from the Alfred M. Best Company, and which is acceptable to the City/franchising authority, or has been rated acceptable by the State.
D. Whenever needed to protect the interests of the citizens of the City, the Council/franchising authority may require an MCS provider to provide insurance for greater amounts than already listed.
E. The public liability and property damage insurance policy shall contain an endorsement obligating the insurance company to furnish the Council/franchising authority with at least thirty (30) days written notice in advance of the cancellation of the insurance.
F. Renewal or replacement policies or certificates shall be delivered to the Council/franchising authority at least fifteen (15) days before the expiration of the insurance which such policies are to renew or replace.
G. Before a multi-channel system provides multi-channel service to subscribers, the MCS provider shall deliver the policies or certificates representing the insurance to the Council/franchising authority, and each policy or certificate delivered shall be accompanied by evidence of payment of the premium thereon.
H. If the State permits an MCS provider to self-insure, then the MCS provider may exercise its right and self-insure as long as the minimal insurance amounts outlined in this section are met and maintained.