The subdivider shall file with the Town Attorney
a general liability insurance policy at the same time as he files
his performance bond. The Town Board shall approve the policy as to
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 Town of Monroe 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 $300,000 liability on the aggregate for each accident,
and property damage liability of $5,000 for each accident and $25,000
aggregate property damage liability.