A. Liability Insurance: Any person wishing to undertake construction, alteration or demolition of any building or structure within the village for which an application for permit is required pursuant to the village building code, adopted by the village or any person wishing to undertake any construction, alteration, demolition or other similar type work within the village limits which undertaking may reasonably expose members of the public or their property or municipal property to injury or damage, shall first, prior to the commencement of such undertaking, provide proof that there is in force and maintained by said person a valid policy of insurance against any liability that might accrue to the public or property in connection with the undertaking. Said insurance policy must conform with the Village's General Insurance Guidelines, as adopted by resolution of the Village Board.
B. Proof Of Insurance: In those instances where a permit is required prior to commencement of the undertaking, said permit shall not be issued to any applicant until proof of the above required policy of insurance has been provided.
C. Village As Additional Insured: Such policy of insurance shall include the village as an additional insured in such manner as to protect the municipality against any liability that might accrue because of injury to the public in connection with the undertaking.
D. Policy Limits: Such policy of insurance shall be in the amount required by the Village's General Insurance Guidelines, as adopted by resolution of the Village Board.
D. Additional Security:
1. In addition to the above and prior to the commencement of any of the undertakings above described, any person wishing to so commence any of the above undertakings shall furnish the village with a bond or cash deposit in such an amount to be determined by the village commensurate with the project, but in no event less than $ to ensure that any damage to streets, sidewalks, parkways or other municipal property will be repaired and that the surface of such places will be restored to the original condition upon the completion of the undertaking. It shall be a further condition of the bond that if the undertaking is abandoned before completion, all of the material will be removed and any excavations will be refilled. The bond will be in a form provided by the village and shall be in the nature of a penal bond.
2. Any person wishing to undertake those projects above described within the village may file with the village clerk a good and sufficient bond in the penal sum of an amount to be determined by the board of trustees but not less than twenty thousand dollars ($20,000.00) with good and sufficient sureties approved by the board of trustees and such bond shall satisfy the requirements above stated with regard to the posting of a penal bond with regard to any construction or other undertaking performed by the person within one year of the date the bond is filed; provided, however, that violation or noncompliance with any of the provisions of this code shall constitute an immediate revocation of the bond filed hereunder. (Ord. 210, 4-27-1976; amd. 1998 Code; Ord. 20230307A, 3-7-2023)