30-14 Amend Insurance Provisions

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When evidence discloses that the registrant has refused, failed or neglected to correct or abate violations of any applicable code or ordinance in performance of any work done pursuant to a registration within a reasonable time after having been notified by the Building Commissioner, the Building Commissioner may require the registrant to furnish a performance bond in the sum of five thousand dollars ($5,000) guaranteeing full and faithful compliance by the registrant with all provisions of any applicable code or ordinance of the City and binding the surety thereon to correct or abate any violations of any applicable code or ordi- nmice of the City whenever the applicant for registration named as the principal on such bond refuses, neglects or fails to correct or abate such violation within a reasonable time limit set by the Building Commissioner. shall be and is hereby repealed. Section 9. Section 1323.04, Insurance, of the Codified Ordinances of the City of Lake- wood, currently reading as follows: 1323.04 INSURANCE. Each applicant for a Certificate of Registration shall furnish evidence of insur- ance for bodily injury in the amount of one hundred thousand dollars /three hun- dred thousand dollars ($100,000/$300,000), and for property damages in the amount of at least fifty thousand dollars ($50,000) if the applicant acts as a con- tractor for a continuous period of three months or more per calendar year. shall be and is hereby amended to read as follows: 1323.04 INSURANCE. Each applicant for a Certificate of Registration shall furnish evidence of contrac- tors liability insurance, including without limitation, bodily injury and property damage, in amounts and in a form approved by Council, and listing all trades for which the contractor is insured and naming the City as an additional insured. in- hundred thousand dollars ($100,0004300,000) The form shall provide that the insurance coverage shall not be canceled or reduced by the insurance carrier without 30 days' prior written notice to the City. and for property dafnages in the a of at react fifty thousand and dollars ($50 nnm if the applicant ..,.t....s t , Section 10. Section 1323.05, Bond, of the Codified Ordinances of the City of Lakewood, currently reading as follows: 1323.05 BOND. When evidence discloses that the registrant has refused, failed or neglected to correct or abate violations of any applicable code or ordinance in performance of work done pursuant to a Certificate of Registration within a reasonable time af- ter having been notified by the Building Commissioner, the Building Commis- sioner may require the registrant to furnish a performance bond in the amount of ten thousand dollars ($10,000) guaranteeing full and faithful compliance by the applicant with all provisions of any applicable code or ordinance of the City whenever the applicant for registration named as the principal on such bond re-