Sec. 931-203. - Liability insurance or bond.
(a) As a prerequisite for the approval or renewal of a registration required by this article, the registrant shall post or maintain with the license administrator either an indemnity bond or a certificate evidencing a policy of liability insurance, executed by a bonding, surety or insurance company authorized to do business in the state. This bond or policy shall be in an amount and form as determined by the corporation counsel, and shall be conditioned substantially that the registrant will indemnify and save harmless the city, its officers, agents and employees from any and all loss, costs, damages or expenses by reason of legal liability that may result from or arise out of the approval of a registration or the operation of the commercial parking facility for which a registration is issued, and that the registrant will pay any and all loss or damage evidenced by a final judgment for damage, including the theft of any motor vehicle, part or accessory thereof, or personal property stored therein, that may be sustained by a person who may claim redress for property damage or theft, if such results from the operation or maintenance of any commercial parking facility.
(b) The bond or policy of insurance required by subsection (a) of this section shall be maintained in its original amount by the registrant, at the expense of the registrant, at all times during the period for which the registration is in effect and shall be of the type where coverage shall automatically be restored to its original amount after each occurrence from which legal liability has arisen.
(c) If two (2) or more registrations are made by the same person, one (1) such bond or policy of insurance may be furnished to cover two (2) or more commercial parking facilities, if it is in the amount as determined by the corporation counsel for each commercial parking facility covered by the bond or policy of insurance. Any bond posted and maintained with the license administrator under this section shall be accompanied by good and sufficient sureties approved by the license administrator.
(G.O. 63, 2009, § 152)