Prior to being issued a building contractor's license, each applicant must provide proof of compliance with each of the following requirements with his application:
(A) In accordance with I.C. 22-11-3.1 (I.C. 22-11-3.1-1 et seq.), the applicant shall furnish a recorded indemnifying bond to be approved by the Clerk-Treasurer, payable to the town and all other parties concerned, in the penal sum of $5,000, conditioned upon the licensee's faithful compliance with the terms and conditions of this chapter, and further conditioned to reimburse any person damaged by the licensee in the improper or neglectful performance of work done pursuant to the provisions of this and other applicable town ordinances. The bond shall contain a provision requiring not less than 60 days notice to the town of intent to cancel by the surety.
(B) The applicant shall submit to the Clerk-Treasurer satisfactory evidence of public liability insurance coverage with personal injury liability limits of not less than $500,000 for each person and $100,000 for each accident, and property damage insurance coverage with liability limits of not less than $500,000, along with workmen's compensation insurance coverage on all employees, all with reputable and secure surety.
(C) The indemnifying bond and insurance coverage shall remain and be maintained in full force and effect so long as licensee continues in business in the town. Lapse of any bond or insurance coverage provided for in this section shall work an immediate automatic suspension of license and license privileges, including suspension of all work in progress, and unless remedied within 15 days, the license shall be revoked.
(Ord. 2015-3, passed 3-16-15)