§ 12-66. Insurance.

(a)

The drilling and operating license under this division shall carry a policy of standard comprehensive public liability insurance, including contractual liability covering bodily injuries and property damage, naming the licensee and the city, issued by an insurance company authorized to do business within the state. Such policy shall be an umbrella or all perils policy in the amount of $1,000,000.00.

(b)

The licensee shall file with the city clerk certificates of such insurance as stated in subsection (a) of this section, and shall obtain the written approval thereof by the city clerk who shall act thereon within ten days from the date of such filing. The insurance policy shall not be cancelled without written notice to the city clerk at least ten days prior to the effective date of such cancellation. If such insurance policy is cancelled, the license granted shall terminate, and the licensee's rights to operate under such permit shall cease until the licensee files additional insurance as provided in this section.

(Code 1971, § 10-103; Code 1992, § 12-116)