§ 277.2500. Insurance, bond.

Each applicant for a license under this article shall file with the licensing official a public liability insurance policy or certificate of insurance issued by a company authorized to do business in Minnesota, insuring the applicant against any and all liability arising out of the performance of any sign or billboard work regulated by chapter 109 of this Code. The policy of insurance shall be in limits of not less than twenty-five thousand dollars ($25,000.00) for injury or loss to one (1) person, fifty thousand dollars ($50,000.00) for each occurrence and ten thousand dollars ($10,000.00) property damage. The policy or certificate shall contain an endorsement as provided by section 259.160 of this Code. Said policy shall provide that it may not be cancelled by the insurer except after ten (10) days' written notice to the licensing official. Failure to keep in full force and effect insurance required herein is grounds for revocation of the license. The applicant shall furnish a surety bond to the city in the sum of eight thousand dollars ($8,000.00) running to the city for the benefit of and to protect any person for whom such work shall be done from loss or damage arising out of the licensee's failure to comply with any specifications pertaining to such work, the use of inferior materials, incompetent work, failure to pay for labor and materials, and to guarantee the full and proper performance of all contracts entered into for the performance of such work by the licensee. Said surety bond shall first be approved as to form and execution by the city attorney before a license may be issued. (Code 1960, As Amend., § 325.030; 2002-Or-066, § 11, 7-26-02; 2003-Or-045, § 1, 4-4-03; 2013-Or-176, § 8, 12-6-13)