§ 34-25. Bond and insurance.

Before a contractor shall engage in any work described in this article, he shall file with the city a surety bond in the penal sum of one thousand dollars ($1,000.00), and a policy of public liability insurance, which policy shall be approved by the city council, and such policy shall be performable in the county, insuring the public against any loss or damage that may result to any person or property caused by the negligent or wilful acts of the contractor or his agents or employees in the construction of or growing out of the construction of such work; provided, that the maximum amount of recovery in such policy of insurance shall not be less than the following sums for damage caused by the construction of the work: For bodily injury to one or more persons or the death of one 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 contractor, and a total of fifteen thousand dollars ($15,000.00) for each accidental destruction or injury to all of the property in any one accident. All policies of insurance shall contain a provision for a continuing liability thereon up to the full amount thereof, notwithstanding any recovery thereon. It shall be the duty of such contractor and the surety on the bond to give notice to the city by filing a written notice with the city of the expiration of the policy of insurance at least ten (10) days before the expiration thereof. The surety bond shall be payable to the city, and conditioned on the faithful performance of the rules and regulations of this article. The surety on the bond shall be a company authorized to transact business in the state.

(Ord. No. 188, § 4)