§ A155-8. Liability and indemnification.

A. 

The company shall pay, and by its acceptance of this franchise the company expressly agrees that it will pay, all damages and penalties which the borough may legally be required to pay as a result of the company's negligence in the installation, operation or maintenance of the cable television system authorized herein. The borough shall notify the company's general manager within 15 days after the presentation of any claim or demand to the borough, either by suit or otherwise, made against the borough on account of any negligence or contract as aforesaid on the part of the company.

B. 

Furthermore, the company shall carry liability insurance in the minimum amounts as follows:

(1) 

One hundred fifty thousand dollars for bodily injury or death to any one person, within the limit, however, of $500,000 for bodily injury or death resulting from any one accident;

(2) 

One hundred thousand dollars for property damage resulting from any one accident; and

(3) 

Fifty thousand dollars for all other types of liability.

C. 

During the life of the franchise, the company shall give a bond to the borough in accordance with N.J.S.A. 48:5A-28d, which bond shall be in the amount of $25,000. Such bond shall be to insure the faithful performance of all undertakings of the company as represented in the application herein.