Chapter 5-34
CONTRACTOR INSURANCE AND BONDING
Sections:
5-34-010 Insurance.
All contractors must maintain sufficient insurance to protect the interests of the property owner and the community. All insurance must be placed in financially responsible companies that are authorized under the insurance laws of the state of Illinois to do business in the state of Illinois. Minimum coverage should include the following types of insurance in the following amounts:
A. Workmans’ compensation and employees’ liability insurance: not less than one hundred thousand dollars ($100,000.00) per employee.
B. Comprehensive public liability insurance: not less than two hundred fifty thousand dollars ($250,000.00) for injuries, including accidental death, to any one (1) person, and subject to the same limits for each person, in an amount of any one (1) accident.
C. Property damage insurance: not less than one hundred thousand dollars ($100,000.00) for damage to property in any one (1) accident with any aggregate limit of not less than three hundred thousand dollars ($300,000.00).
Insurance coverage should be verified with a certificate from the contractor’s insuring agent, and each certificate should be reviewed thoroughly by the city of Harvey to verify that the proper insurance coverage is being provided and the city of Harvey is the loss payee. (Ord. 2947 § 1, 1996)
5-34-020 Bond.
All contractor applications for work permits shall be accompanied by a bond in a form to be in the amount of ten thousand dollars ($10,000.00) and executed by a surety company authorized to transact business in the state of Illinois as surety with the applicant as principal obligator and the city of Harvey, Illinois, as obligee, conditioned that the applicant shall faithfully perform the duties and in all things comply with the city of Harvey’s codes and ordinances.
The aggregate liability of the surety to any and all persons, regardless of the number of years the bond remains in force, shall in no effect exceed the amount of the bond. The bond may be terminated at any time by the surety upon sending notice in writing to the obligee and to the principal, and at the expiration of thirty (30) days from the mailing of said notice, this bond shall terminate and the surety shall thereupon be relieved from any liability for any acts or omissions of the principal subsequent to that date. (Ord. 2947 § 2, 1996)