A. The grantee shall maintain and by its acceptance of the franchise specifically agrees that it will maintain throughout the term of the franchise, liability insurance insuring the Village and the grantee in the minimum amount of:
1. One million dollars ($1,000,000.00) for property damage to any one person;
2. Three million dollars ($3,000,000.00) for property damage from any one accident;
3. One million dollars ($1,000,000.00) for personal injury to any one person;
4. Three million dollars ($3,000,000.00) for personal injury from any one accident;
5. An additional two million dollars ($2,000,000.00) for all other types of liability ("umbrella" policy); and
6. Grantee shall also carry such insurance as it deems necessary to protect it from all claims under the Workmen's Compensation Law that may be applicable to the grantee.
B. The certificate of insurance obtained by the grantee in compliance with this Section must be approved by the Village Attorney and such insurance policy certificate of insurance, along with written evidence of payment of required premiums, shall be filed and maintained with the Village during the term of the franchise. The grantee shall immediately advise the Village Attorney of any litigation that may develop that would or is likely to affect this insurance.
C. Neither the provisions of this Section nor any damages recovered by the Village thereunder, shall be construed to limit the recovery of the Village or the liability of the grantee under any franchise issued hereunder or for damages.
D. Such insurance policies provided for herein shall name the Village, its officers, boards, commissions, agents and employees as additional insured, and shall be primary to any insurance carried by the Village, and shall contain the following endorsement: "It is hereby understood and agreed that this insurance policy may not be canceled by the surety nor the intention not to renew be stated by the surety until thirty (30) days after receipt by the Village, by registered mail, of written notice of such intention to cancel or not to renew." (Ord. 98-2054, 9-28-1998)