[Adopted 10-10-2023 by Ord. No. 2023-OR-033]
The owner of a business, the owner of a rental unit or units,
and the owner of a multifamily home which is four or fewer units,
one of which is owner-occupied, shall annually by February 1, file
with the Department of Licensing and Inspection a certificate of insurance
demonstrating that the owner maintains liability insurance for negligent
acts and omissions for combined property damage and bodily injury
to or death of one or more persons in any one accident or occurrence.
For the owner of a business or the owner of a rental unit or units,
the amount of the insurance shall be no less than $500,000, and for
the owner of a multifamily home of four or fewer units, one of which
is owner-occupied, the amount of insurance shall be no less than $300,000.
The annual administrative fee for registering the certificate
of insurance with the Department of Licensing and Inspection by January
31 is $50, and the fine for failure to register a certificate of insurance
by said date is $500, which fine may be collected in a summary proceeding
in the Municipal Court.