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.