Each person engaged in the business of laying or repairing sidewalks in the City shall furnish to the Director of Public Service a faithful performance bond in the sum of five thousand dollars ($5,000). In addition to the bond required by this section, every applicant shall, as a condition of any permit being issued pursuant to Section 903.02, maintain contractor's comprehensive general and automobile liability insurance, or its equivalent, extended (or by means of a separate policy) to include liability for damage caused by explosion, collapse, underground work, independent contractors, products and completed operations, together with owner's protective liability, with not less than the following policy limits:
(a) The policy or policies of insurance required by this section shall have a policy limit for bodily injury and property damage of not less than three hundred thousand dollars ($300,000) for each occurrence.
(b) Such policy or policies of insurance shall name the City as an additional insured for all work performed within the City limits.
(c) Such policy or policies of insurance shall contain the following special provision: The company agrees that ten days prior to cancellation, material alteration or reduction of the insurance afforded by this policy with respect to the permit involved, written notice shall be sent by certified mail to the City of Parma.
All insurance herein specified shall be with a company authorized to do business in the State and acceptable to the Director of Public Service.
(Ord. 328-88. Passed 11-9-88.)