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Before the issuance of a yearly license, the contractor shall provide to the City certificates of insurance evidencing:

(a) Not less than five hundred thousand dollars ($500,000.00) combined single limit bodily injury and property damage. The applicable certificate of insurance shall clearly indicate that the property damage liability coverage includes hazards from underground work, explosion, collapse and damage to underground wires, conduits, pipes, fittings, mains, sewers and a similar document of indemnity required pursuant to the provisions of KMC 18.20.040 has been incorporated into and made part of the applicable insurance policy.

(b) The Certificate of Insurance provided must contain the following clause (or a similar clause making the same provisions):

In the event of cancellation of the above contract of insurance, the Company or Underwriters will endeavor to give not less than thirty (30) days’ advance notice by mail to the party to whom this certificate is issued, at the address herein, which shall be sufficient proof of notice.

If the form of certificate used by the contractor’s insurer does not contain a cancellation notice complying with the above, then the above clause must be substituted for the clause in the form.

(c) Workmen’s Compensation Insurance in accordance with the laws of the State of Alaska.

(Ords. 479, 863, 1153)