(a) The Grantee shall maintain public liability and property damage insurance that protects the Grantee and the Village naming the City as an additional insured as well as the Village's officers and agents and employees. The insurance shall provide coverage at all times of not less than one million dollars ($1,000,000.00) for personal injury to each person and one million ($1,000,000.00) for each occurrence involving property damage plus costs of defense or a combined single limit policy of not less than five million dollars ($5,000,000.00) covering all claims plus costs and defense. The policy shall provide that the insurance shall not be canceled or materially altered without thirty days written notice first being given to the Village. If the insurance is canceled or materially altered within the term of this chapter, Grantee shall provide a new policy with the same terms. Grantee agrees to maintain continuous uninterrupted coverage in the amounts required for the duration of the term of the agreement signed by the parties.
(b) The Grantee shall maintain on file with the Treasurer a certificate of such insurance as enumerated in subsection (a) above. (Ord. 17-1997. Passed 5-15-97.)