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Section 17. Insurance and Security. Franchisees shall procure and maintain at their own cost the following insurance coverage: a) Workers compensation insurance in accordance with the Minnesota Workmen's Compensation Act. b) Commercial generalliability insurance with minimum limits of $150,000 per person and $1 ,000,000 per occurrence. c) Comprehensive automobile liability insurance with minimum limits for bodily injury and property damage of $150,000 per person and $1,000,000 per occurrence. The foregoing insurance coverage shall be procured and maintained with insurers that are reasonably acceptable to the City. The liability insurance policies sha11 be endorsed to include the City as an additional insured. If the above limits are less than those specified in Minn. Stat. Ch. 466 as the liability limits of a municipality, the higher limits shall apply , The policy shall be of type in which coverage is restored immediately after the occurrence of any loss or accident from which liability may thereafter accrue. The policy shall contain an endorsement which shall provide that no cancellation shall become effective without thirty (30) days' prior written notice to the City of intent to cancel or not to renew. In the event such insurance is cancelled and the franchisee shall fail to immediately replace it with another equivalent policy, the City may terminate their franchise and declare it to be forfeited. Franchisees sha11 post a cash escrow with the City in the amount specified in the Ordinance granting a particular franchise as security for their obligations under this ordinance. The City may draw on this amount in its sole discretion as necessary to reimburse the City for any repair, replacement or maintenance costs incurred by the City as a result of the default of the franchisee. Draws on the escrow account are supplemental to any other remedy or cure available to the City in the event of a default by the franchisee. Upon termination of the franchise, the franchisee shall be entitled to payment of any unused escrow without interest. Section 18. Indemnification. Franchisees shall defend, indemnify and hold harmless the City, its officers, agents, representatives and employees from and against all liability, claims, demands and expenses (including court costs and reasonable attorneys fees), on account of any injury, loss or damage, arising out of or in connection with the presence of transit shelters as allowed by this Ordinance, or arising out of or in connection with the performance by the franchisee of its services pursuant to the franchise. �