A. Indemnification: The Licensee shall indemnify, become responsible for and forever save harmless the Village, its boards, committees, commissions, officers, agents and employees from any and all liability incurred by them:
1. For loss or damage to property of the Licensee, its officers, agents, employees, licensees and invitees in the public ways or on public property pursuant to this Chapter or for injury to or death of any such employee, agent or licensee while in the public ways or on public property pursuant to this Chapter, however arising; and
2. Arising directly or indirectly from any act or omission of the Licensee or any person acting on its behalf done or claimed to have been done by virtue of or pursuant to this Chapter or by virtue of or pursuant to order, rule, regulation or authorization by the ICC.
B. Comprehensive Liability Insurance or Self-Insurance: At all times while this Chapter remains in effect, and in recognition of the indemnification provided in the foregoing subsection A, the Licensee shall, at its own cost and expense, maintain a program of third party liability insurance and/or self- insurance to protect the Village, its officers, employees and agents from any liability for bodily injury, death and property damage occasioned by the activities of the Licensee under this Chapter. As proof of compliance with this requirement, the Licensee shall, during the life of this Chapter, keep on file with the Clerk a certificate of insurance and/or an affidavit of self-insurance. Said certificate and/or affidavit shall show the types and amounts of coverage. Any affidavit of self-insurance shall be signed by an employee or officer of the Licensee who has knowledge of the Licensee's self-insurance program and is authorized to make representations as to the scope of said program, and shall contain a statement making such representations.
C. Indemnification Security: As security for the indemnification required in subsection A of this Section, the Licensee shall, during the life of this Chapter, keep on file with the Clerk a good and sufficient bond in the penal sum of five thousand dollars ($5,000.00) conditioned to protect and indemnify the Village as provided in subsection A. Said bond shall be subject to the approval of the corporate authorities.
The Village reserves the right:
1. To require the Licensee to renew said bond whenever, in the opinion of the corporate authorities, such action may be necessary; and
2. To require the Licensee to increase the amount of said bond or to provide additional or other security in the event said bond is insufficient to fully cover a claim made against it; provided, that the amount of the increased bond does not exceed the total amount of the claim made against it, and provided further that the value or amount of such other or additional security does not exceed five thousand dollars ($5,000.00) or the total amount of the claim made against the original bond, whichever is greater. (Ord. 92-26, 11-18-92)