The developer shall file with the Borough a
general liability insurance policy at the same time as he files his
performance guaranty covering all operations in the development, including
contractual liability with limits of not less than $500,000 or bodily
injury to each person and $1,000,000 liability on the aggregate, for
each accident, and property liability of $100,000 for each accident
and $300,000 aggregate property damage liability. The Borough Attorney
shall approve the policy for form and execution. The policy shall
be of the same term as the performance guaranty and shall be extended
in conformance with any extension of the performance guaranty. The
policy shall name the Borough of Bradley Beach and the Borough Engineer
as an additional insured and provide that the Borough of Bradley Beach
may nevertheless assert claims against the other insured.
Any developer commencing proceedings to develop
land for himself or for another according to the provision of this
chapter shall save and hold the Borough of Bradley Beach, the Borough
Engineer and the public harmless from all losses and damages and from
all claims for losses and damages that may result from or arise out
of the action undertaken by the developer.
