No permit required by this article shall be issued until the owner or his contractor shall have furnished to the director, division of building inspection, evidence of the existence of public liability insurance covering bodily injury and property damage. Each policy shall protect the owner and contractor performing the work from claims for damages for personal injury, including accidental death, as well as from claims for property damage, which may arise from the proposed operation, whether such operation is conducted by the owner or contractor or by anyone directly or indirectly employed by either of them.
The minimum amount of public liability coverage required for each wrecking job shall be determined by the following table:
If the assessed valuation of the property is:
Over $100,000.00—then $25,000.00 per person; $200,000.00 per accident.
$50,000.00 to $100,000.00—then $15,000.00 per person; $100,000.00 per accident.
$5,000.00 to $50,000.00—then $10,000.00 per person; $50,000.00 per accident.
Less than $5,000.00—then $5,000.00 per person; $10,000.00 per accident.
The property damage coverage shall be two (2) times the assessed valuation of the property. Insurance policies covering this requirement shall issue under such rules and regulations as may be made by the division of risk management.
In lieu of obtaining insurance coverage as described in this section, a person desiring a permit required by this article may evidence proof of financial responsibility and fulfill the requirements of this section by furnishing the director, division of building inspection with a bond in the required amounts issued by a surety company duly authorized to transact business within this state, or a bond with an individual surety owning real estate within the state, which real estate shall be scheduled in the bond approved by the director, division of building inspection, which bond shall be conditioned for payment of the amount specified in this section. Such bond shall constitute a lien in favor of the city upon the real estate of any surety so scheduled, which lien shall exist in favor of any holder of a financial judgment against the person who has filed such bond for any damages resulting from wrecking, removing or demolishing of the structure concerned.
(Ord. No. 4004, § 3, 1-28-60)