The franchise holder, prior to the beginning of performance under the franchise, shall furnish to the city a performance bond with corporate surety in an amount of at least two hundred thousand dollars ($200,000.00). The limit of liability on such performance bond shall be subject to increase by the city on the basis of an increase in the cost of rendering the services authorized by the franchise, and on the basis of any increase in the volume of business under the franchise. The franchise holder shall obtain and maintain throughout the term of the franchise worker's compensation insurance and general and automobile liability insurance, with minimum limits of at least one million dollars ($1,000,000.00) for the injury of any one (1) person, three million dollars ($3,000,000.00) for injury to all persons as the result of any one (1) occurrence, and two hundred fifty thousand dollars ($250,000.00) for property damage resulting from any one (1) occurrence. Proof of insurance shall be provided to the city each year of the franchise term. The franchise holder shall hold the city harmless and indemnify the city from any liability, loss or damage as a result of the actions of the franchise holder, its agents or its employees, including making payment to the city for any attorney fees, court costs or expenses incurred by the city. Without waiving any rights of the city thereto, the enforcement of the terms of the franchise rests with the franchise holder. The city shall be named as an additional insured on the franchise holder's policy, and shall give the city sixty (60) days advance written notice if any change in insurance occurs during the franchise.
(Ord. 2014-05-17(A), passed 5-17-14)