(a) Every applicant for a sign permit for a sign to be so located that it may fall upon a public right-of-way shall file with the Chief Building Official a multi-peril liability insurance policy, or a certificate of insurance therefor, covering all damage or injury that might be caused in an amount not less than five hundred thousand dollars ($500,000) for personal injury and fifty thousand dollars ($50,000) for property damage.
(b) The City and its officers, agents and employees shall be named as additional parties insured. This policy shall be maintained in force so long as the sign permit is in effect. The Chief Building Official shall revoke such permit if at any time the insurance is not in full force.
(c) In lieu of insurance, the applicant may file an indemnity bond, with a corporate surety satisfactory to the Chief Building Official, in the amount of five hundred thousand dollars ($500,000), which shall indemnify and hold harmless the City and its officers, agents and employees from all claims, losses or lawsuits resulting from the sign.
(Ord. 87-94. Passed 7-27-87.)