A. The grantee shall maintain and by its acceptance of the franchise specifically agrees that it will maintain throughout the term of the franchise, liability insurance insuring the village and the grantee in the minimum amount of:
1. One million dollars ($1,000,000.00) for property damage to any one person;
2. Three million dollars ($3,000,000.00) for property damage from any one accident;
3. One million dollars ($1,000,000.00) for personal injury to any one person; and
4. Three million dollars ($3,000,000.00) for personal injury from any one accident.
B. The certificate of insurance obtained by the grantee in compliance with this section may be reviewed by the village attorney, name the village as an additional insured, and shall be filed and maintained with the village during the term of the franchise.
C. Neither the provisions of this section nor any damages recovered by the village thereunder, shall be construed to or limit the liability of the grantee under any franchise issued hereunder or for damages.
D. All insurance policies maintained pursuant to the franchise shall contain the following endorsement:
It is hereby understood and agreed that this insurance policy may not be canceled by the surety nor the intention not to renew be stated by the surety until thirty (30) days after receipt by the Village, by registered mail, a written notice of such intention to cancel or not to renew. This insurance shall be primary to any insurance obtained by the Village on its own behalf, notwithstanding anything to the contrary herein.
(Ord. 1021, 8-12-1998)