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cancelled by the insurance company without thirty (30) days’ written notice to the <br />City of intention to cancel. The following coverage shall be provided in amounts <br />not less than those specified: <br /> <br />(01) Public liability, general liability, loading and unloading, <br />[ <br />completed operations, explosion, collapse, underground operations], <br />personal injury, and property damage with the following minimum limits: <br /> <br /> <br />(a) One Million Dollars ($1,000,000)per claimant. <br /> <br /> <br />(b) One Million Dollars ($1,000,000)per occurrence. <br /> <br /> <br />(c) One Million Dollars ($1,000,000)annual aggregate. <br /> <br />(02) Automobile and truck public liability, personal injury, and property <br />damage, including owned and non-owned vehicles with a One Million <br />Dollars ($1,000,000) minimum limit. <br /> <br />(03) The City may require additional insurance be provided by Licensee <br />if market conditions change such that additional coverage become <br />economically practicable. The insurance limits required by this section <br />shall be reduced if these insurance limits are not reasonably and <br />economically available. For the purposes of this subsection “economically <br />practicable,” “reasonably” and “economically available” shall be <br />determined by the insurance coverage affected by the Minnesota Joint <br />Underwriters Association or the readily available private insurance <br />market. <br /> <br />12.) Bonding. <br /> <br /> <br />(01) The Licensee shall furnish a surety bond in favor of the Cityin the <br />amount of Three Hundred Thousand Dollars ($300,000) to run <br />continuously (annual renewal allowed) until all landfill operations and <br />closure activities are completed to ensure compliance with the terms and <br />conditions of this License. Such bond shall be made by an insurance <br />company or other financial institution acceptable to the City and shall be <br />in a form acceptable to the City and its attorney. The bond shall be subject <br />to cancellation by the obligor by giving one hundred twenty (120) days’ <br />prior written notice to the City. The Licensee shall renew each such bond <br />no more than sixty (60) days after any such written notice, and failure to <br />so renew the bond shall be an event of default of the obligations of the <br />Licensee and shall constitute ground for immediate and automatic <br />revocation of this License. Said bond shall provide that if the Licensee <br />refuses to obey any of the requirements or to any of the acts required by <br />this License or for any reason ceases to operate or abandons the landfill, <br />and the City is required to expend monies or labor or material to restore, <br /> 17 <br /> <br />