§ 114.05 Insurance

The Grantee shall indemnify the City and hold it harmless from all liability, damage, costs, or expense arising from claims of injury to persons or damage to property occasioned by reason of any conduct undertaken pursuant to this chapter. The Grantee shall, at all times during the term of the franchise, carry and require their contractors to carry:

1. Insurance in such forms and in such companies as shall be approved by the City to protect the City and Grantee from and against any and all claims, injury or damage to persons or property, both real and personal, caused by the construction, erection, operation and maintenance of any structure, equipment or appliance, or by reason of any conduct undertaken pursuant to this chapter. The amounts of such insurance to be carried for liability due to property damage shall be $500,000.00 as to any one occurrence and against liability due to injury to death of persons, $500,000.00 as to any one person and $1,000,000.00 as to any one occurrence.

2. Worker’s Compensation insurance with statutory limits, and employer’s liability insurance with limits of not less than $100,000.00, which shall cover all operations to be performed by the Grantee as a result of this chapter.

3. Automobile insurance with limits of not less than $100,000.00/$300,000.00 of public liability coverage and automobile property damage insurance with a limit of not less than $100,000.00 covering all automotive equipment, with so-called umbrella coverage of at least $1,000,000.

4. All of said insurance coverage shall provide a ten-day notice to the City in the event of material alteration or cancellation of any coverage afforded in said policies prior to the date said material alteration or cancellation shall become effective.

5. Copies Filed. Copies of all insurance policies required hereunder shall be furnished to and filed with the City prior to the commencement of operations or the expiration of prior policies, as the case may be. Grantee’s worker’s compensation, comprehensive general liability, and comprehensive automobile liability insurance shall be written by an insurance company authorized to do business in the State of Iowa.