§ 138-19. Liability insurance.

A. 

An MCS provider shall secure and maintain, for as long as it provides multichannel service to subscribers, public liability, property damage insurance, and umbrella coverage in at least the following amounts:

(1) 

Public liability: $1,000,000 per person per occurrence;

(2) 

Property damage: $1,000,000 per any one claim;

(3) 

Umbrella liability: $3,000,000.

B. 

An MCS provider's public and personal liability and property damage insurance policy shall specifically include the Town, the Town Board, and the Supervisor as additional named insureds.

C. 

The public and personal liability and property damage insurance policy shall be issued by an agent or representative of an insurance company licensed to do business in the state, and which has one of the three highest or best ratings from the Alfred M. Best Company.

D. 

The public liability and property damage insurance policy shall contain an endorsement obligating the insurance company to furnish the Town Board with at least 30 days' written notice in advance of the cancellation of the insurance.

E. 

Renewal or replacement policies or certificates shall be delivered to the Town Board at least 15 days before the expiration of the insurance which such policies are to renew or replace.

F. 

Before an MCS provider provides multichannel service to subscribers, the MCS provider shall deliver the policies or certificates representing the insurance to the Town Board, and each policy or certificate delivered shall be accompanied by evidence of payment of the full premium thereon.

G. 

If the state permits an MCS provider to self-insure, then the MCS provider may exercise its right to self-insure, so as long as the minimum amounts of insurance coverage outlined in this section are met and maintained for the entire period that the affected MCS provider is self-insured and the MCS provider can demonstrate to the satisfaction of the Town Board that it has the reasonable financial ability to pay up to the maximum amount per category.