(A) Bonds. Each applicant for a license, as required in § 120.02 shall, before receiving such a license, deposit with the Building and Housing Department a license and letter of credit or permit bond issued by a company approved and authorized to issue bonds by the state in a form suitable to the city in the following penal sums:
(1) As set by the City Council for a general contractor in the amount of $10,000; or
(2) As set by the City Council for a subcontractor in the amount of $10,000.
(B) Liability insurance. A certificate of insurance showing that the applicant has both bodily injury and property damage coverage in the amount of $1,000,000 for each occurrence and $2,000,000 in the aggregate. The certificate of insurance must name the city as the certificate holder.
(Ord. 14-O-2099, passed 8-20-2014; Ord. 23-O-2373, passed 10-4-2023)