The subdivider shall file with the governing body a general
liability insurance policy at the same time as he files his performance
guarantee covering all operations in the development including contractual
liability with limits of not less than $100,000 for bodily injury
to each person and $500,000 liability on the aggregate, for each accident
and $100,000 aggregate property damage liability. The City Attorney
shall approve the policy for form and execution. The policy shall
be of the same term in conformance with any extension of the performance
guarantee. The policy shall name the City of Lambertville as an assured
and provide that the City of Lambertville may nevertheless assert
claims against the other assured.
