A. Duration: Any license issued hereunder shall be valid for a period of twelve months from the date of issuance.
B. Bond: The requisite bond shall conform to the requirements of the Illinois contractor unified license and permit bond act. The bond shall be in such form as approved by the village, shall be issued by a company authorized by law to issue such bonds in Illinois, and shall be valid for a period of at least twelve months. The bond amount shall be a minimum of twenty five thousand dollars. Such bond shall include a provision that it cannot be revoked, modified or nonrenewed by the company issuing the bond without at least thirty days' prior written notice to the village.
C. Insurance Statement: Every application for a license pursuant to this chapter shall contain a statement of whether or not the contractor has liability and workers' compensation insurance coverage. If the contractor has such coverage, the application shall contain the name and address of the company or agent and the policy number. Such information shall be provided to the resident or property owner for whom the work is being performed.
D. Insurance Coverage: The contractors listed in section 3-3-1 of this chapter shall be required to maintain general liability and workers' compensation insurance as a condition of receiving a license. Such insurance shall be evidenced by a certificate filed with the director of public works and shall have the following minimum limits: general liability coverage of one million dollars per occurrence; two million dollars general aggregate; and workers' compensation coverage in an amount in accordance with current state statute. Such insurance shall be issued by a company licensed in Illinois, shall be valid for a period of at least twelve months and shall include a provision that it cannot be revoked, modified or nonrenewed without at least thirty days' prior written notice to the village. The village shall be named as an additional insured in any liability policy. (Ord. 3041, 8-11-2003)