§ 455.40. Insurance.

Upon compliance with all other provisions of this chapter, a permit for a block event in a business district, including a large block event, may be granted only after the applicant has filed with the director of regulatory services a liability insurance policy, or evidence thereof, which policy shall provide coverage in the amount of three hundred thousand dollars ($300,000.00) for one (1) claimant and one million dollars ($1,000,000.00) for any number of claimants, and shall specifically provide for the payment by the insurance company on behalf of the insureds of all sums which the insureds shall become obligated to pay by reason of liability imposed upon them by law for injuries or damages to persons or properties arising out of the activities and operations of the insureds pursuant to the provisions of this chapter. The applicant and the city shall be named as joint insureds on the liability policy. The amount of any deductible for claims shall be subject to prior approval by the city and the applicant will be responsible for payment of claims that would fall within the deductible amount stated in the insurance policy obtained by applicant. (82-Or-239, § 2, 11-24-82; 94-Or-031, § 7, 4-1-94; 2003-Or-061, § 7, 6-6-03; 2004-Or-039, § 8, 4-16-04; 2006-Or-023, § 6, 3-10-06)