(A) The grantee shall maintain throughout the term of the franchise insurance in amounts at least as follows:
(1) Worker's compensation insurance. Worker's compensation insurance in such coverage as may be required by the worker's compensation insurance and safety laws of the state and amendments thereto;
(2) Comprehensive general liability. Comprehensive general liability, bodily injury, each person, $500,000; each occurrence, $2,000,000; and property damage, each accident, $500,000; and
(3) Comprehensive automobile liability. Comprehensive automobile liability, including non-ownership and hired car coverage, as well as owned vehicles, with minimum limits as follows: bodily injury, each person, $500,000; each occurrence, $2,000,000; and property damage, each occurrence, $300,000.
(B) The grantee shall furnish the grantor with copies of such insurance policies and certificates of insurance.
(C) Such insurance policies shall name the grantor, and its officers, boards, commissions, agents and employees, as additional insureds and shall contain the following endorsement: “It is hereby understood and agreed that this insurance policy may not be canceled by the surety or the intention not to renew be stated by the surety until 30 days after receipt by the city by registered mail of written notice of such intention to cancel or not renew.”
(D) The minimum amounts set forth in this section for such insurance shall not be construed to limit the liability of the grantee to the grantor under the franchise issued pursuant to this chapter to the amounts of such insurance.
('65 Code, § 7-8.605) (Ord. 244-C.S., passed - - ) Penalty, see § 112.999