Whenever insurance, security or indemnification is required by any provision of this code or any other regulation of the city, they shall be provided in accordance with the requirements of this chapter. In the event of any conflict between the general provisions of this chapter and any other provisions of this code, the provisions of this chapter shall govern; but the provisions shall be interpreted insofar as possible to avoid conflict. As used in this chapter, "responsible party" means the person required to indemnify the city or procure insurance, bonds or other securities pursuant to this code.
(Prior code § 2-150; Ord. 550-87 § 1)
The responsible party shall procure and maintain, at its cost, public liability and property damage insurance in the amount prescribed in the applicable statute against all claims for injuries against persons or damage to property resulting from the responsible party's acts or omissions arising out of or related to the activity for which the responsible party was required to procure the insurance. The responsible party shall maintain the insurance policy through the entire duration of the activity for which that insurance has been required. The insurance policy shall contain a severability of interest clause providing that the coverage shall be the primary coverage for losses arising out of or related to the activities of the responsible party, and neither the city nor its insurers shall be required to contribute to any such loss. The responsible party shall submit to the city certificates indicating compliance with the above and any additional requirements specified in applicable individual sections of this code. The city shall be named as an additional insured. The insurer shall be obligated to give the city thirty days' prior written notice of any cancellation before such cancellation may be effective. Only certificates issued by insurance companies which are rated "A" or "A +" in the "Best Rating Guide," the "Key Rating Guide" or the "Federal Register" will be accepted.
(Prior code § 2-151; Ord. 550-87 § 1)
A. 
Whenever the responsible party is required to provide performance bonds, letters of credit, a cash deposit or other forms of security (herein called "security"), those securities may be in the following form:
1. 
Bond or bonds by one or more duly authorized corporate sureties;
2. 
A deposit, either with the city or a responsible escrow agent or trust company, at the option of the city, of money or negotiable bonds of the kind approved for security deposits of public moneys;
3. 
An instrument of credit from one or more financial institutions subject to regulation by the state or federal government and pledging that the funds necessary to carry out the act or agreement are on deposit and guaranteed for payment, without recourse, or a letter of credit issued by such a financial institution;
4. 
A lien upon the responsible party's property created by contract between the responsible party and the city;
5. 
Any other form of security, including security interests in real property, which the city may deem acceptable from time to time through resolution.
B. 
The choice of security shall be that of the city manager, department head or financial officer, as the case may be, but the form shall be determined by the city attorney. The amount of security required shall be specified in the applicable individual statute. The security or bonds shall be released when the city, through its agents or employees, issues to the responsible party a certificate indicating that the activity for which the security was required has satisfactorily been completed. The city shall determine whether the activity has been satisfactorily completed within fifteen days of the responsible party's request for such a determination.
(Prior code § 2-152; Ord. 550-87 § 1)
Whenever the responsible party is required to indemnify the city against losses, damages or liability, the indemnification clause shall require the responsible party to defend, indemnify and hold harmless the city, its officers and employees, from and against any and all actions, suits, proceedings, claims, demands, losses, costs and expenses, including legal costs and attorney's fees, for injury to or death of person(s), for damage to property (including property owned by the city) and, where applicable, for errors and omissions committed by the responsible party, its officers, employees and agents arising out of or related to the responsible party's negligent performance or wilful misconduct under an agreement. In the event that the city manager determines that such indemnification cannot be provided, the requirements of this section may be modified by the city manager.
(Prior code § 2-153; Ord. 550-87 § 1; Amended during 6/30/96 supplement)