§ 8. Liability insurance and indemnification.

Public Liability Insurance.

(a)

At all times during the existence of the Franchise granted hereunder, the Company shall, at its own cost and expense, maintain in full force and effect a general comprehensive liability insurance policy, protecting the City against liability for loss or damage for personal injury, death, and property damage, occasioned by the negligence or default of the Company under the Franchise, with maximum liability limits of one hundred thousand dollars ($100,000.00) for personal injury or death of any one person, and three hundred thousand dollars ($300,000.00) for personal injury or death of two or more persons in any one occurrence, one hundred thousand dollars ($100,000.00) for damage to property resulting from any one occurrence, and five hundred thousand dollars ($500,000.00) for all property claims in the aggregate.

(b)

The policy or policies of insurance mentioned in the foregoing paragraph shall name the City, its officers and agents, as an additional insured and shall contain a provision that a written notice of cancellation or reduction in coverage of said policy shall be delivered to the City thirty (30) days in advance of the effective date thereof.