All general liability insurance policies shall name the village, its officers, boards, board members, commissions, commissioners, agents and employees as additional insureds and shall further provide that any cancellation or reduction in coverage shall not be effective unless 30 days’ prior written notice thereof has been given to the Village Clerk. A franchisee shall not cancel any required insurance policy without submission of proof that the franchisee has obtained alternative insurance reasonably satisfactory to the Village Board which complies with this code.
(`92 Code, § 8-1-103) (Ord. 96-19, passed 10-2-96)