All insurance to be furnished pursuant to this chapter shall be obtained from responsible insurers licensed in the state of Illinois, rated at least A and financial size category X or higher by A.M. Best Company, and otherwise acceptable to the village. Any deductible and/or self-insured retention shall be the responsibility of the contractor, but the maximum self-insured retention shall be twenty five thousand dollars ($25,000.00). (Ord. 03-11-28, 11-18-2003; amd. Ord. 07-4-6, 4-17-2007)