The subdivider shall file with the Municipal
Attorney a general liability insurance policy at the same time as
he files his performance bond. The local governing body shall approve
the policy as to form. The policy shall be of the same term as the
performance bond and shall be extended in conformance with any extension
of the performance bond.
The policy shall insure the municipality and
the subdivider and shall cover all operations in the development involving
existence and maintenance of property and buildings and contracting
operations of every nature, including all public improvements. Said
policy shall have limits of liability of $100,000 for bodily injury
to each person and $300,000 liability on the aggregate for each accident
and property damage liability of $5,000 for each accident and $25,000
aggregate property damage liability.
