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41191 <br /> SECTION 3 . INSURANCE <br /> A. Grantee shall maintain liability insurance covering its <br /> obligations of indemnification provided for herein or as a <br /> result of the exercise of this Franchise covering both the <br /> City and Grantee and shall maintain said insurance during the <br /> entire term of this Franchise in the minimum amount of: <br /> ( 1 ) $500, 000 for property damage to any one person; <br /> ( 2 ) $2, 000,000 for property damage in any one act or <br /> occurrence; <br /> ( 3 ) $1, 000 , 000 for personal injury to any one person; and <br /> (4 ) $2 , 000, 000 for personal injury in any one act or <br /> occurrence. <br /> B. Such insurance shall be with a company mutually acceptable to <br /> Grantee and City. Such insurance policy with written <br /> evidence of payment of required premiums shall be filed with <br /> City at the time of acceptance of this Franchise. Grantee <br /> shall immediately give notice to City of any threatened or <br /> pending litigation affecting this insurance . <br /> C. Neither the provisions of this section nor any damages <br /> recovered by City or any individual shall be construed to, or <br /> shall limit the liability of Grantee . <br /> D. No recovery by City of any sum by reason of the Letter of <br /> Credit required in this Franchise shall be any limitation <br /> upon the liability of Grantee to City under the terms of this <br /> section, except that the sum so received by City from such <br /> Letter of Credit shall be deducted from a recovery by City <br /> under this section, if for the same act or occurrence . <br /> 42 <br />