A. The grantee shall, concurrently with the filing of an acceptance of award of any franchise granted under this chapter, furnish to the City and file with the City Clerk and at all times during the existence of any franchise granted under this chapter maintain in full force and effect, at its own cost and expense, a general comprehensive liability insurance policy, in protection of the City, its officers, boards, commissions, agents and employees, in a company and a form satisfactory to the City Attorney protecting the City and all persons against liability for loss or damage for personal injury, death, defamation, and property damage occasioned by the operations of the grantee under such franchise, with minimum liability limits of five hundred thousand dollars ($500,000.00) for personal injury, death, or defamation of any one person, and one million five hundred thousand dollars ($1,500,000.00) for personal injury, death, or defamation of two (2) or more persons in any one occurrence, and fifty thousand dollars ($50,000.00) for damage to property resulting from any one occurrence.

B. The policies mentioned in subsection (A) of this section shall name the City, its officers, boards, commissions, agents and employees as additional insureds and shall contain a provision that a written notice of cancellation, termination, or reduction in coverage of said policy shall be delivered to the City at least thirty (30) days in advance of the effective date thereof; if such insurance is provided by a policy which also covers the grantee or any other entity or person other than those above named, then such policy shall contain the standard cross-liability endorsement.

C. No franchise granted under this chapter shall be effective unless and until each of the foregoing policies of insurance as required in this section has been delivered to the City, but failure to deliver the same shall not relieve the grantee from any duty or obligation under this chapter. (Ord. 1030 § 2(4), 2018; Ord. 549 § 1 (part), 1976)