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days' written notice to the City of intention to cancel. The following coverages shall be • provided in amounts not less than those specified: (01) Public liability, general liability, loading and unloading, personal injury, and property damage: (a) $200,000 per claimant (b) $600,000 per occurrence (c) $600,000 annual aggregate (02) Automobile and truck public liability, personal injury, and property damage, including owned and nonowned vehicles with a $500,000 minimum limit. (03) The City may require additional insurance be provided by the Permittee if market conditions change such that additional coverage become economically practicable. The insurance limits required by this section shall be reduced if these insurance limits are not reasonably and economically available. For the purposes of this subsection "economically practicable" and reasonably and "economically available" shall be determined by the insurance coverages affected by the Minnesota Joint Underwriters Association or the readily available private insurance market. • 11.) Bonding. (01) The Permittee shall furnish a surety bond in the amount of Three Hundred Thousand Dollars ($300,000) to run continuously (annual renewal allowed) until all landfill operations and closure activities are completed to ensure compliance with the terms and conditions of this Conditional Use Permit. Such bond shall be made by an insurance company or other financial institution acceptable to the City and shall be in a form acceptable to the City and its attorney. The bond shall be subject to cancellation by the obligor by giving one hundred twenty (120) days' prior written notice to the City. The Permittee shall renew each such bond no more than sixty (60) days after any such written notice, and failure to so renew the bond shall be an event of default of the obligations of the Permittee and shall constitute ground for immediate and automatic revocation of this Permit. Said bond shall provide that if the Permittee refuses to obey any of these requirements or to any of the acts required by this Conditional Use Permit or for any reason ceases to operate or abandons the landfill, and the City is required to expend monies or labor or material to restore the Landfill Site to the condition and requirements required by this Conditional Use Permit, the obligor shall reimburse the City for any and all expenses incurred to remedy the failure of the Permittee to comply with this Permit, and the obligor shall indemnify and save the City harmless from all losses, costs, and charges that may occur to the City because of any default by the Permittee. The bond may be in a form exercisable S PXB 100862 11.