(A) Insurance. No such permit shall be issued unless the applicant has filed with the Building Inspector an insurance certificate which holds the village harmless from any loss, liability, or damage claims that may result or accrue from or become of the making, existence, or manner of such excavation. Its certificate shall show the village as party to the insured in amounts not less than $300,000 for all damages arising out of bodily injuries to or death of one person and subject to that limit for each person, a total amount of $500,000 for all damages arising out of bodily injuries to or death of two or more persons in any one accident, and regular contractors’ property damage liability insurance, including automobile coverage, in limits of not less than $300,000 for all damages arising out of injury to or destruction of property in any one accident and, subject to that limit per accident, a total (or aggregate) limit of $500,000 for all damages arising out of injury to or destruction of property during the policy period.
(B) Deposits.
(1) No such permit shall be issued until the applicant therefor has deposited with the Village Clerk a cash deposit in an amount as set forth in § 35.02. The deposit is to ensure the proper restoration of the ground and pavement. If the applicant fails to restore the excavation site promptly, the village shall use the deposit in an amount as set forth in § 35.02 for the restoration work. The deposit in an amount as set forth in § 35.02 shall cover all street excavations of the contractor-depositor so long as the contractor is not in default in his or her obligation to restore. If it becomes necessary to use all or any portion of said deposit for restoration, then the cash deposit of said contractor shall be increased to an amount as set forth in § 35.02 for all future excavations. If thereafter the said contractor is not in default of a three-year period, the deposit will be reduced to an amount as set forth in § 35.02.
(2) The cash bond shall remain on deposit until the completion of any restoration work involving a street excavation. If the restoration, at that time, is satisfactory, the cash bond shall be returned to the contractor; provided, said bond is not required as security for other pending work of said contractor.
(3) In the event the cash bond is not adequate to complete the restoration work, the contractor shall be responsible for the deficiency.
(4) In addition to the cash bond, the contractor doing the excavation work shall, by written agreement, guarantee the sufficiency of his or her restoration work for a period of one year from the date of the completion of the restoration.
(Prior Code, § 8-1-16) (Ord. passed 3-8-1993)