(a) The grantee shall maintain, and, within thirty days of the effective date of the award of the franchise agreement, specifically agrees to maintain, throughout the term of the franchise, liability insurance insuring the Village and the grantee throughout the life of the franchise as follows:
(1) Five hundred thousand dollars ($500,000) workers' compensation/employers' liability coverage;
(2) One and one-half million dollars ($1,500,000) comprehensive general liability/bodily injury coverage;
(3) Five hundred thousand dollars/one and one-half million dollars ($500,000/$1,500,000) property damage coverage;
(4) One million dollars/two million dollars ($1,000,000/2,000,000) motor vehicle liability coverage; and
(5) One hundred percent builders' risk, fire and extended coverage.
(b) The grantee shall maintain and, within thirty days of the effective date of the award of the franchise agreement, furnish proof of the posting of a performance bond running to the Village with good and sufficient surety approved by the Village in the amount specified in the franchise. If no amount is specified therein, then the bond shall be five hundred thousand dollars ($500,000), conditioned upon the faithful performance and discharge of the obligations imposed by this chapter and the franchise awarded hereunder from the date thereof including, but not limited to, the faithful compliance with the construction timetable proposed by the grantee in its application as incorporated into the franchise, unless an appropriate extension thereof is approved by the Board of Trustees. When regular subscriber service is available to more than ninety percent of the occupied dwelling units within the franchise area, the amount of the bond shall be reduced to one hundred thousand dollars ($100,000).
(c) The performance bond and all certificates of insurance policies required in this section shall be in forms reasonably satisfactory to the Village Attorney and shall require thirty days written notice to both the Village and the grantee of any cancellation thereof. In the event of any such cancellation notice, the grantee shall obtain, pay all premiums for and file with the Village written evidence of the issuance of a replacement bond or policy within thirty days following receipt by the Village or the grantee of such notice of cancellation. Notwithstanding the foregoing, the bond shall not apply to damages proximately resulting from noncompliance with Section 814.28, for which separate penalty provisions are provided in Section 814.49.
(d) Within thirty days of the effective date of the award of the franchise agreement, the grantee shall furnish proof to the Board of Trustees that a satisfactory insurance certificate and performance bond have been obtained. Such insurance certificate and performance bond shall be approved by the Board, and a copy of such insurance policy and performance bond, along with written evidence of payment of the required premiums, shall be filed and maintained with the Village. The insurance policy and bond shall specify that at least thirty days prior written notice shall be filed with the Board of any intention to not renew or to cancel the policy or bond or to make a material change therein.
(Ord. 593. Passed 7-12-82; Ord. 598. Passed 8-23-82.)