§ 101. Liability insurance.

Public contractor's liability insurance policies shall name the contractor as assured and shall contain an agreement upon the part of the insurer to indemnify the contractor against any and all actions, claims, judgments or demands for damages from injuries of any kind and character, sustained by any person or persons because of such public work. The amount of indemnity shall be in such sums as the Mayor may determine but shall in no event be less than Five Thousand Dollars ($5,000.00) for damages or injuries to any single person, shall be not less than Ten Thousand Dollars ($10,000.00) for damages or injuries to more than one person arising from a single accident and shall be not less than One Thousand Dollars ($1,000.00) for any damages to property of one or more persons. Such policy of insurance shall be written by a solvent insurance or bonding corporation, mutual association or reciprocal or inter-insurance association in good standing and duly licensed to transact business within the state of Oklahoma. The contractor shall also furnish an owner's protective liability insurance policy with the City of Tulsa as the named insured, issued by the same insurance company as the contractor's general liability insurance and indemnifying the City of Tulsa against any and all actions, claims, judgments or demands arising from injuries of any kind and character sustained by any person or persons because of work performed by the contractor.

(Ord. No. 9230)