(A) For the purposes of this chapter, the grantee shall maintain insurance in such amounts and kinds of coverage’s as may be specified in this section. The grantee shall maintain such insurance with insurance underwriters authorized to do business in the state. All policies shall name the grantor, its employees, servants, agents and officers as additional insured parties. Each policy shall provide that it may not be canceled, nor the amount of coverage altered until 30 days after receipt by the City Clerk of a registered mail notice of such intent to cancel or alter coverage.
(B) The grantee shall maintain and provide to the City Clerk proof of public liability insurance for not less than the following amounts:
(1) Any one occurrence, bodily injury or property damage: $1,000,000;
(2) Products/completed operations annual aggregate liability: $1,000,000; and
(3) General aggregate: $1,000,000.
(2013 Code, § 8-7.2) (Ord. 14586, passed 4-13-1998)