§ 29-19. Public liability insurance required.

Before any license shall be issued as provided in this article, the applicant shall file with the city, and thereafter keep in full force and effect a policy of public liability insurance issued by an insurance company authorized to do business in the state, which policy shall be approved by the city council, insuring the public against any loss or damage that will result to any one person or property caused by the negligent or wilful acts of the licensee or his agents or employees in the performance of their duties as special police officers; provided, that the maximum amount of recovery in such policy of insurance specified shall not be less than the following sums: For bodily injury to one (1) or more persons or the death of one (1) or more persons in any one (1) accident, fifty thousand dollars ($50,000.00); for the injury or destruction of property in any one (1) accident, five thousand dollars ($5,000.00) on each property injured or destroyed by the parties, and a total of ten thousand dollars ($10,000.00) for each accidental injury to all of the property in any one (1) accident. It shall be the duty of such licensee and the insurance company to give notice to the city by filing a written notice of the expiration of the policy at least ten (10) days before the expiration thereof. The public liability policy shall provide that each cause of action shall survive in case of death of the injured persons for the benefit of the beneficiary of such person and that such policy shall be subject to successive recoveries during the time such policy may continue in effect, such public liability further providing that no action shall be thereon or against the insurance company thereon until more than thirty (30) days after a final judgment in favor of the judgment creditor against the principal, such judgment not pending on appeal or writ of error and remaining unsatisfied. No action for indemnity against loss provided by the public liability policy shall be against the insurance company, unless brought within two (2) years from the date of the judgment.

(Ord. No. 215, § 5)