Applications for general contractor, electrical contractor, heating and/or air conditioning contractor, plumber, roofing/siding/insulation contractor, sewer and water contractor's license and/or permit for such work within the Village, shall be accompanied by a bond in the amount of ten thousand dollars ($10,000.00), lawful money of the United States of America, with a corporate surety duly licensed and authorized to do such business in Illinois. Such bond shall have the applicant as principal and name the Village as obligee; shall be for the benefit of the Village and that of consumers dealing with the applicant; and shall require that the applicant shall faithfully perform the duties and otherwise comply with the Building Code and all other applicable laws and ordinances of the Village and other regulatory agencies having jurisdiction, and the terms of the license and/or permit. The aggregate liability of the surety, regardless of the number of claims made against the bond or the number of years it remains in force, shall in no event exceed the amount of the bond. The bond may be terminated at any time upon thirty (30) days' prior notice in writing to the Village and to the principal, addressed to them at the Village Office. The indemnity bond shall protect the Village against any and all damages that may arise to the public ways, and to the Village, and to any person, in consequence or by reason of such contractor's occupation and operation within the Village. In addition to such bond, each contractor and subcontractor shall be required to maintain, at all times such license is in effect, liability insurance with a minimum coverage of one million dollars ($1,000,000.00) in the aggregate. Evidence of such insurance shall be filed with the Building Commissioner and updated periodically upon request. In the event such insurance coverage is not maintained, the license shall be revoked. (Ord. 2005-24, 1-19-2006)