Anyone owning, placing, leasing, using or maintaining a newsrack on town-owned property or publicly owned right-of-way shall maintain liability insurance with a company insuring against all liability that the owner, lessor or user of the newsrack may incur by virtue of the placement, care, use, operation and existence of the newsrack. This insurance shall have limits of $500,000. The insurance shall name the town as an additional insured and shall not be cancelable without 30 days’ prior written notice to the town. In lieu of such insurance, a waiver of such insurance may be obtained from the Director of Public Works upon a showing, acceptable to the Town Attorney, that such person has sufficient unencumbered assets available for attachment and execution to satisfy any judgment that would be rendered against it, up to and including $500,000. Evidence of insurance or evidence of sufficient assets, as the case may be, shall be provided to the Director of Public Works on an annual basis. Failure to comply with this provision will subject the newsrack to immediate removal by the town.
(Ord. 20(1999) § 1)