The subdivider shall file with the Village Attorney a general liability insurance policy at the same time as he files his performance bond. The Village Board shall approve the policy for 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 Village of the Branch 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 aggregate liability of $300,000 for each accident, and property damage liability of $5,000 for each accident and aggregate property damage liability of $25,000.