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(A) As a part of the indemnification provided by the provisions of this chapter, but without limiting the same, the company shall upon award of the franchise and prior to commencement of construction of the system, file with the Village Clerk, and at all times thereafter maintain in full force and effect at its sole expense, evidence of a policy or policies for the following:
1. Commercial General Liability Insurance: Comprehensive or commercial general liability insurance, including, but not limited to, coverage for bodily injury, personal injury, and property damage shall be maintained at the sum(s) of five million dollars ($5,000,000.00) per occurrence and ten million dollars ($10,000,000.00) aggregate.
2. Business Automobile Liability: Comprehensive automobile liability including, but not limited to, nonownership and hired car coverage as well as owned vehicles with coverage for bodily injury and property damage, shall be maintained at the sum(s) of three million dollars ($3,000,000.00) per accident.
3. Property Loss: Fire insurance with coverage for extended perils on the franchise property used by the company in the conduct of franchise operations in an amount adequate to enable the company to resume franchise operations following the occurrence of any risk covered by this insurance.
4. Workers' Compensation Insurance: In such coverage, with statutory limits as may be required by the State of Illinois.
(B) The policy or policies shall specifically recognize and cover the indemnification provisions of this chapter. The Village and its officers, agents, and employees shall be named as an additional insured, and the policy or policies shall contain cross-liability endorsements. Said insurance shall provide that the insurance provided by the company shall be primary and that any provision of any contract of insurance or other risk protection benefit or self-insurance policy purchased or in effect or enacted by the Village and any other insurance or benefit shall be in excess thereof.
(C) The insurer or insurers shall have Best Insurance Rating of at least A-, VII or the highest rating attributable to insurance carriers by a recognized rating agency and shall be authorized to write the required insurance, and shall be approved by the State of Illinois.
(D) The policy or policies of insurance shall be maintained by the company in full force and effect during the entire term of the franchise. All certificate(s) shall contain the following endorsement:
Should any of the above described policies be canceled before the expiration date thereof, the issuing company will mail 30 day prior written notice to the holder named on the certificate.
(E) In the event of the cancellation of any insurance policy required herein or upon the company's failure to procure said insurance, the Village shall have the right to terminate the franchise agreement or, alternatively, to procure such insurance and charge the cost thereof to the company. Such costs may be paid from the Security Fund established in this chapter or from the construction bond, or by any other means deemed appropriate by the Village. (Ord. 00-O-12, 5-8-2000)