A. Operators shall maintain a comprehensive general liability insurance policy, including coverages for: sudden and accidental pollution including the cost of environmental restoration; underground resources coverage and completed operations. The policy shall insure the city against all costs, charges and expenses incurred by it for clean-up of sudden and accidental pollution. The insurance policy shall name the city as an additional insured for third party liabilities arising from any oil operations insured under the certificate during the period of coverage. The insurance deductible must be no greater than ten thousand dollars. The policy shall provide for a thirty day cancellation notice to the city in the event the policy will be terminated for any reason except nonpayment of premium in which case the notice period shall be ten days. The policy shall be in an amount equal to one million dollars per occurrence.
B. Self-insurance. Notwithstanding the foregoing requirements for insurance, no such insurance policy shall be required if the grantee customarily self-insures the risks covered by the required insurance, and has presented to the city:
1. A certification evidencing such facts, which certification has been approved by the city as sufficient and by the city attorney as to form, to which is attached the following agreement:
In consideration of City allowing permittee to self-insure the risks in lieu of a policy of liability insurance, operator agrees to indemnify and keep and save free and harmless and defend the City, its officers and employees from and against any and all loss, claims, or demands of any kind or nature whatsoever for death, injury, or loss to persons or damage to property, including property or facilities owned by the City, its officers or employees, or any of them, which any person may sustain or incur or which may be imposed upon them, or any of them, arising out of, or in any manner incident to operator's operations authorized by, pursuant to, or in furtherance of any of the activities covered by the permit.
2. Certified financial statements showing the financial condition of the operator as of a date of more than one year prior to operator's application for the permit, which statement has been certified by a certified public accountant by operator's proper officials to be true and correct and which reflects a net worth of the operator in excess of five times the amount of limits of liability as established herein. The statement must be approved by the city as to sufficiency and by the city attorney as to form.
(Ord. 90-08-1074 § 4 (part))