(A) At all times during the term of the franchise, the grantee shall obtain, pay all premiums for and file with the Village Finance Director executed duplicate copies and receipts evidencing the payment of premiums for the following.
(1) A general comprehensive public liability insurance policy indemnifying, defending, and saving harmless the village, its officers, boards, commissions, agents, or employees, from any and all claims by any person occasioned by the operations of the grantee under franchise herein granted, or alleged to have been so caused or occurred, with a minimum liability of $500,000 for personal injury or death to any one person and $1,000,000 for personal injury or death of any two or more persons in any one occurrence.
(2) Property damage insurance indemnifying, defending, and saving harmless the village, its officers, boards, commissions, agents, and employees, from and against all claims by any person whatsoever for property damage occasioned by the operation of the grantee under the franchise herein granted or alleged to have been so caused or occurred, with a minimum liability of $500,000 for property damages resulting from any one incident.
(B) All of the foregoing insurance contracts shall be in form satisfactory to the Director of Legal Services and shall be issued and maintained in companies acceptable to the Village Finance Director and they shall require ten days written notice of any cancellation to both the village and the grantee herein.
(1995 Code, § 112.06) (Ord. 79-O-20, passed 7-9-1979)