§ 19-84. Liability insurance.

(a)

Insurance required. Every operator shall maintain, throughout the term of its franchise, liability insurance from a company approved by the city insuring the operator and the city against all damages described in section 19-86, in the minimum amounts of:

$1,000,000.00 for property damage to any one person;

$1,000,000.00 for property damage in any one accident;

$1,000,000.00 for personal bodily injury or death to any one person or individual; and

$1,000,000.00 for personal bodily injury or death in any one accident.

Should the general assembly or the courts of the state modify the rule of sovereign immunity as it exists on the effective date of this chapter, by increasing the potential liability of the city beyond these amounts, upon notice from the city, operators will provide liability insurance which will meet or exceed those new amounts.

(b)

Certificate of insurance. Every operator shall annually submit a certificate of insurance to the city confirming that a satisfactory policy is in effect, which policy shall be renewed on its anniversary throughout the term of the operator's franchise. The policy shall contain a separate endorsement requiring the insurance company to notify the city in writing of any change in, or cancellation of, the policy at least ten days prior to any change or cancellation.

(Ord. No. 930358, § 1(43.84), 8-25-94)