(A) Insurance. The grantee shall maintain, and by its acceptance of a franchise specifically agrees that it currently possesses and will maintain throughout the term of the franchise a general comprehensive liability insurance policy in protection of the city, its officers, boards, commissions, agents and employees, in a company approved by the city and in a form satisfactory to the city naming the city, its officers, boards, commissions, agents, and employees as additional insureds and protecting the city and all persons against liability for loss or damage for personal injury, death, or property damage, occasioned by the operations of grantee under this franchise, in the amounts of $1,000,000 for bodily injury or death to any one person, with the limit, however, of $1,000,000 for bodily injury or death resulting from any one accident; $1,000,000 for property damage resulting from any one occurrence; and $1,000,000 for Workers Compensation and Employer's Liability.
(B) Insurance policy.
(1) The insurance policy mentioned in division (A) above shall contain an endorsement stating that the policy is extended to cover the liability assumed by the grantee under the terms of the franchise, and shall contain an endorsement as follows:
“It is hereby understood and agreed that this policy may not be cancelled nor the amount of any coverage thereof reduced until 60 days after receipt by the City Clerk of the City of Riverbank, City Hall, Riverbank, California, by registered mail, of a written notice of such proposed cancellation or reduction in coverage.”
(2) Additionally, grantee agrees to comply with all reasonable insurance requirements imposed by the city and agrees that the amount of the insurance required hereunder may be reasonably amended not more often that every three years by the city to take account of inflation and considerations of risk and potential liability.
(Ord. 94-09, passed 9-12-94)