(A) The property owner shall obtain proof from the demolition contractor of comprehensive public liability insurance coverage protecting the owner for not less than $1,000,000 per person, $3,000,000 per accident, property damage and at least $3,000,000 for any one claim of property damage arising out of work performed by the contractor, any subcontractor, or any employee of either of them or anyone directly or indirectly employed by either of them. The property owner will also obtain from the demolition contractor evidence of insurance or other coverage required by local laws governing worker’s compensation.
(B) The owner shall obtain from the demolition contractor a performance bond of not less than 100% of the contract price for the demolition work. This performance bond shall be made payable to the owner and to the City and, upon final inspection and approval of work, the bond shall be released to the contractor.
(C) The property owner and/or contractor will submit the demolition contract, the proof of liability insurance and the performance bond to the building inspector. The building inspector will issue an appropriate demolition permit when he or she determines that the requirements of this section are satisfied. The permit will be valid as stipulated by the building inspector.