Each permit applicant shall obtain liability insurance, including minimum limits as follows:
Contractor shall maintain limits no less than:
A. Commercial General Liability: One million dollars ($1,000,000.00) combined single limit per occurrence for bodily injury, personal injury and property damage. The general aggregate shall be twice the required occurrence limit. Minimum general aggregate shall be no less than two million dollars ($2,000,000.00) or a project/contract specific aggregate of one million dollars ($1,000,000.00).
B. Business Automobile Liability: One million dollars ($1,000,000.00) combined single limit per accident for bodily injury and property damage.
C. Workers' Compensation And Employers' Liability: Workers' compensation coverage with statutory limits and employers' liability limits of one million dollars ($1,000,000.00) per accident.
D. Builder's Risk (If Required): Shall insure against "all risk" of physical damage, including water damage (flood and hydrostatic pressure not excluded) on a completed value, replacement cost basis.
Each applicant shall insure the village and its agents, officers and employees, for any loss or damage resulting from the work undertaken or the manner of doing the same, which insurance shall remain in full force and effect until thirty (30) days after the completion of the work. All contractor applications shall be governed by the applicable bond requirements pertaining to public right of way work contained in the pertinent ordinances of the village. (2004 Code)