(A) All contractors must further submit to the Building Department as part of the license application a current certificate of insurance establishing that the contractor maintains public liability, property and personal injury coverage in an amount not less than $500,000 per occurrence or pay $1,000,000 in the aggregate, which certificate contains adequate notice of cancellation requirements indicating that the town will be notified in the event of cancellation at least 30 days prior to the effective date of cancellation.
(B) If during the term of a license the insurance certificate or policy expires, is revoked, rescinded or cancelled, or coverage is otherwise terminated, or if the insurance company ceases doing business, goes bankrupt, is placed in receivership, or there is other reason to believe it will not be able to meet its obligations, the license for which it has been obtained shall be deemed immediately suspended until such time as a new certificate or policy is recorded and filed with the Director. An applicant or licensee who fails to notify the Director of any such problems with his or her insurance policy, certificate or company of which he or she is aware shall be subject to punishment by the Board, including but not limited to suspension, revocation of the license, fine or permanent ineligibility for obtaining any license from the town.
(Ord. 2010-02, passed 6-28-10)