No class B license shall be granted unless the applicant shall carry public liability
insurance in a reliable insurance company or companies. Such policy of insurance shall
not contain any "XC" (explosion, collapse) exclusion. The liability insurance for
personal injury shall be in the sum of three hundred thousand dollars ($300,000.00)
for one (1) occurrence. Said policy shall also be in the sum of at least fifty thousand
dollars ($50,000.00) to cover loss or damage to property of any person or persons
in any one (1) occurrence. The city shall be named as an additional named insured
in said policy. Copies of such public liability policy, together with a surety bond,
shall be filed with the licensing official at the time of making application for the
license. The surety bond shall be in the sum of ten thousand dollars ($10,000.00)
to indemnify and save the city harmless from all damages, judgments, losses, claims,
suits or liabilities of every kind growing out of the wrecking or demolition of any
building. Such public liability insurance policy and surety bond shall be approved
by the city attorney before issuance of the license. No provisions in any such policy
or bond relative to notice to the insurer from the assured of its intention to undertake
wrecking, demolishing or tearing down operations shall bind the city. The public liability
insurance policy, as well as the surety bond herein provided for, shall not be canceled
except upon thirty (30) days' written notice to the city, which written notice shall
be served upon the licensing official.
No Class A license shall be granted unless the applicant shall carry public liability
insurance in a reliable insurance company or companies. Such policy of insurance shall
not contain any "XC" (explosion, collapse) exclusion.
The liability insurance for personal injury shall be in the sum of one million five
hundred thousand dollars ($1,500,000.00) for one (1) occurrence. Said policy shall
also be in the sum of at least one hundred fifty thousand dollars ($150,000.00) to
cover loss or damage to property of any person or persons in any one (1) occurrence.
The city shall be named as an additional named insured in said policy. Copies of such
public liability policy, together with a surety bond, shall be filed with the licensing
official at the time of making application for the license. The surety bond shall
be in the sum of fifty thousand dollars ($50,000.00) to indemnify and save the city
harmless from all damages, judgments, losses, claims, suits or liabilities of every
kind growing out of the wrecking or demolition of any building. Such public liability
insurance policy shall be approved pursuant to section 259.160 and the surety bond shall be on a form approved by the city attorney. No provisions
in any such policy or bond relative to notice to the insurer from the assured of its
intention to undertake wrecking, demolishing or tearing down operations shall bind
the city. The public liability insurance policy, as well as the surety bond herein
provided for, shall not be canceled except upon thirty (30) days' written notice to
the city, which written notice shall be served upon the licensing official. (Code
1960, As Amend., § 323.040; Ord. of 5-14-76, § 3; 2003-Or-075, § 2, 6-20-03; 2013-Or-176,
§ 2, 12-6-13)
