If the Grantee proposes to secure a new insurance policy, bond or letter of credit (collectively, the “Instruments”) instead of renewing an existing policy, bond or letter of credit, the Grantee shall, at least thirty (30) days prior to the expiration date of any such insurance policy, bond or letter of credit, notify the Village of the change in writing. If the change in no way compromises the Grantee's ability to meet the requirements of this Franchise, no further notification is necessary. Should the Village find that the Instrument does not provide substantially the same indemnity or that it is procedurally defective, then the Village shall so notify the Grantee and the Grantee shall be obligated to reasonably cure the defect. Where an existing Instrument reaches its expiration date, such proposed new Instrument shall become effective only upon the expiration date of such expiring Instrument. The Grantee shall comply with all applicable provisions of this Section as to any such Instrument.
(Ord. 01-2301, passed 12-11-01)