A. Insurance required. Commercial general liability insurance, and if necessary, umbrella liability insurance, which will cover bodily injury, property damage, and any other exposure which be reasonably identified as potentially arising from the grantee’s activities within the rights of way. The limit of liability shall not be less than two million dollars for each occurrence. The city, its elected and appointed officers, officials, employees, agents, and representatives shall be named as additional insured with respect to activities occurring within its rights of way. Coverage shall be comprehensive with respect to the grantee’s activities within the rights of way and shall include completed operations, explosions, collapse, and underground hazards. Such insurance shall name the city as additional insured and provide a certificate of insurance with a forty-five day cancellation notice.

B. Bond required. The grantee or the contractor for the grantee shall post with the city a bond with surety qualified to do a bonding business in this state, a cash deposit or an assigned savings account or other security acceptable to the city in an amount equal to one hundred fifty percent of the cost of the work as estimated by the director of public works or in an amount as set forth in the franchise agreement. Such bond, deposit or other security shall be conditioned upon the grantee or its contractor performing the work pursuant to the terms of this chapter, including the restoration and/or replacement of the street, sidewalk, or other rights of way within the time specified by the director of public works. (Ord. 1114 §1, 1999).