A. A performance bond in an amount determined by the board of trustees shall be required for any work in the public right of way, including, but not limited to, any public sidewalk construction, curb cut or street breaking. The bond shall be established in a sufficient amount to pay for any and all damages which occur to any tree, street, sidewalk, roadway or to any appurtenance belonging to the village, or to any cable, telephone or electric pole or wire, or to trees or to other property of adjacent private property holders, whether or not such damage was inflicted by the permit holder or his agents or employees.
B. All performance bonds shall provide good and sufficient sureties to save and indemnify the village against all liabilities, judgments and expenses which may accrue against the village in consequence of the granting of a permit to perform construction or repair work within the public right of way or in consequence of any substandard work. No bond will be accepted which is not accompanied by a certificate showing:
1. Liability insurance in force, the limits of which are not less than two hundred fifty thousand dollars ($250,000.00) for injury to one person and five hundred thousand dollars ($500,000.00) for injuries arising out of an accident in which more than one person is involved.
2. Property damage insurance in force, with a minimum coverage of two hundred fifty thousand dollars ($250,000.00) and a deductible clause not exceeding five hundred dollars ($500.00). Each certificate of insurance must indicate the policy's expiration date.
(Ord. 2023-05, 6-13-2023)