[R.O. 2008 §510.260; Code 1968 §24-21; CC 1988 §26-99; Ord. No. 6336 §1(c), 10-6-1986; Ord. No. 6496 §26-99, 4-10-1995]
Every applicant for an excavation permit shall register with the City proof that the applicant is maintaining liability insurance in the sum of one million dollars ($1,000,000.00) for any injuries or damages received or sustained by any person or property because of the excavation work or because of or in consequence of any neglect in safeguarding the work. Such insurance shall be carried with a company that has been licensed or permitted to carry on such business in the State and shall be kept and maintained continuously in force and effect so long as the excavation work shall be in process. A verified copy of the insurance policy is in full force and effect and that such insurance shall not be altered, amended, terminated or ended without notice to the City. In lieu of the insurance required by this Section, the applicant may deposit a corporate or other surety bond in the penal sum of one million dollars ($1,000,000.00), conditioned that he/she will pay any judgment recovered by any person injured or any property damage incurred because of the excavation work or because of or in consequence of any neglect in safeguarding the work. If the insurance policy provided for in this Section lapses and is not immediately renewed or if any bond terminates in any manner whatsoever and a substitute in lieu thereof is not deposited, the permit for such excavation shall be revoked immediately.