Each board, officer or employee of any department of this City required or authorized by law to accept, receive or file any bond, contract or policy, shall keep an adequate record showing the date of filing of each such instrument, the disposition thereof, the performance thereunder, and the occurrence of any loss, damage or default covered thereby. They and each of them shall immediately notify the Risk Manager, by a written report, upon the discovery of any of the following:
(a) Any default in performance on the part of any principal on any bond or contract of indemnity;
(b) Any loss or damage sustained by the City covered by any policy of insurance or contract of indemnity;
(c) Any loss or damage sustained by any person insured or indemnified under the terms of any such bond, contract, or policy.
SECTION HISTORY
Based on Ord. No. 84,480.
Amended by: Ord. No. 84,959; Ord. No. 176,740, Eff. 7-25-05.