(a) The Company shall maintain and by its acceptance of the contract specifically agrees that it will maintain through the term of the contract, liability insurance insuring the Village and the Company in the minimum amount of:
(1) Three hundred thousand dollars ($300,000) for property damage to any one person;
(2) One million dollars ($1,000,000) for property damage in any one accident;
(3) One million dollars ($1,000,000) for personal bodily injury to any one person; and
(4) Two million dollars ($2,000,000) aggregate per single accident or occurrence.
These figures may be subject to be increased by ordinance of Council, after review every five years, to compensate for inflation, provided such increase shall not exceed the increase in the national consumer price index since the previous establishment of such figures.
(b) Any insurance policy obtained by the Company in compliance with this section must be approved by the Village Solicitor and such insurance policy, along with written evidence of payment of required premiums, shall be filed and maintained with the Village Clerk during the term of the contract, and maybe changed from time to time to reflect changing liability limits. The Company shall immediately advise the Village of any litigation that may develop that would affect this insurance.
(c) Neither the provisions of this section nor any damages recovered by the Village hereunder, shall be construed to or limit the liability of the Company under any contract entered into hereunder or for damages.
(d) All insurance policies maintained pursuant to this chapter shall contain the following endorsement:
"It is hereby understood and agreed that this insurance policy may not be cancelled 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."
(Ord. 12- 83. Passed 2-15- 83.)