§ 14. Insurance  

Latest version.
  • The Company shall, during the entire term of the franchise, maintain in force, at its own expense, a policy of comprehensive liability insurance approved by the City Attorney, to be filed and maintained with the City Clerk. The insurance policy shall insure the City, members of its boards and commissions and its officers and employees, and the Company from all liability on account of injuries, death or damage to any person or persons and damage to property arising out of or resulting from or in connection with the construction, operation, maintenance, location, placement or removal of any shelter or other facility of the Company, or occasioned by any of the activities of the Company, its officers, agents or employees under this franchise. Minimum liability limits under the policy are to be two hundred thousand dollars ($200,000.00) for bodily injury or death of any one (1) person; six hundred thousand dollars ($600,000.00) for bodily injury or death of more than one (1) person in a single occurrence; and two hundred thousand dollars ($200,000.00) for property damage to one (1) claimant and six hundred thousand dollars ($600,000.00) for more than one (1) claimant in a single occurrence.

    The policy shall be of a type in which coverage is restored immediately after the occurrence of any loss or accident from which liability may thereafter accrue. The policy shall contain an endorsement which shall provide that no cancellation shall become effective without thirty (30) days' prior notice in writing to the City of intent to cancel or not to renew. In the event such insurance is canceled and the Company shall fail to immediately replace it with another equivalent policy, the City may terminate the franchise and declare it to be forfeited. (2010-Or-043, § 1, 4-16-10)