§ A144-9. Required liability insurance.

The grantee shall furnish the borough with written evidence of a contract or contracts of insurance with a reliable company or companies authorized to do business in the State of New Jersey, by which contracts both the grantee and the borough are insured against any claim, demand or loss for injury to persons or damage to property resulting from, growing out of or connected with the construction, operation or maintenance of said system within the borough, which said contracts of insurance shall have limits in amounts not less than $250,000 for injury to one person in one occurrence, not less than $1,000,000 to cover injury to any group of persons, and $1,000,000 for injury to any property, except that this obligation shall not require the grantee to furnish insurance against injury to persons or damage to property caused by the negligence of the borough or its employees.