No person licensed as an excavation contractor under Chapter 110 shall make excavations in the Village unless such person shall procure and file with the Director of Finance a standard form of public liability and property damage insurance policy protecting the Village, its officers and agents, against any and all liability for damages resulting from such excavation within the corporate limits of the Village. Such insurance policies shall be written by some one of the companies qualified under the laws of this state to make such contracts, and each policy shall be in the sum of $50,000 limit for one person killed or injured in one accident at any one location and $100,000 limit for 2 or more persons killed or injured in any one accident at any one location, and $10,000 in respect to property damage in any one accident at any one location, to be kept in force with initial or renewal premiums prepaid in advance of the periods covered, so long as such excavation work is in progress or exists in an unfinished or incomplete state.
(1997 Code, § 32.08) (Ord. 55-16, passed 10-19-1955)