Within ninety (90) days following the grant of this franchise, the grantee shall obtain the following insurance policies:
(A) A general comprehensive liability policy indemnifying, defending and saving harmless the city, its officers, boards, commissions, agents or employees from any and all claims by any person whatsoever on account of injury to or death of a person or persons occasioned by the operations of the grantee under the franchise herein granted, or alleged to have been so caused or occurred, with a minimum liability of five hundred thousand dollars ($500,000.00) per personal injury, death of any one person or damage to property and one million dollars ($1,000,000.00) for personal injury, death of any two (2) or more persons in any one occurrence or damage to property.
(B) All insurance policies called for herein shall be in a form satisfactory to the city and shall require thirty (30) days' written notice of any cancellation to both the city and the grantee. The grantee shall, in the event of any such cancellation notice, obtain, pay all premiums for, and file with the city, written evidence of the issuance of replacement policies within thirty (30) days following receipt by the city or the grantee of any notice of cancellation. In recognition of the foregoing each party agrees to cause their respective insurance carriers to waive any rights of subrogation. (Ord. 755, 8-9-2001)