(a) Each applicant for a contractor registration shall furnish a certificate of insurance evidencing general comprehensive liability insurance coverage, issued by a company authorized to write insurance in all of the State of Ohio, for bodily and personal injury in the minimum coverage amount of three hundred thousand dollars ($300,000), and a minimum coverage amount of one million dollars ($1,000,000) for each occurrence and for property damage in the minimum coverage amount of one hundred thousand dollars ($100,000). The City of Richmond Heights shall be designated as an additionally insured on the certificate.
(b) Each applicant for a contractor registration shall furnish a surety bond in the minimum amount of twenty-five thousand dollars ($25,000.00) from a surety, acceptable to the Commissioner of Building, Zoning and Housing, to keep and save harmless the City, its employees and officials from any damages sustained by reason or on account of work performed by the registered contractor, to assure the faithful observance of all the duties and the discharge all the obligations required of the registered contractor during the registration period, and to assure the obeyance all lawful orders of the City issued under this code, and which surety bond shall also be for the benefit of any party injured by the registered contractor's failure to comply with all applicable obligations, duties, terms, conditions, provisions and requirements of the Codified Ordinances of the City and the lawful orders of the City issued under such ordinances. Either the City, any injured party, or both may bring an action on the surety bond.
(Ord. 114-2024. Passed 8-27-24.)