Upon being granted a franchise, and upon the filing of the acceptance required under Section 8A.240, grantee shall file with the city clerk and shall thereafter during the entire term of such franchise maintain in full force and effect at its own cost and expense each of the following policies of insurance: general comprehensive liability insurance, in an amount as specified in the franchise ordinance or agreement between grantor and grantee granting a franchise, together with bodily injury liability insurance and property damage insurance in amounts as specified in the franchise ordinance or agreement between grantor and grantee granting a franchise.
(a) The city shall be named as an additional insured in all of such insurance policies.
(b) Where such insurance is provided by a policy which also covers grantee or any other entity or person, it shall contain the standard cross-liability endorsement. (Ord. No. 1097, § 1 (part).)