Liability Insurance. The permittee shall be required to carry a minimum of $1,000,000 of liability insurance. Such insurance shall name Cornwall Borough as an additional insured party and shall save and hold Cornwall Borough, its elected and appointed officials, and employees acting within the scope of their duties harmless from and against all claims, demands, and causes of action of any kind or character, including the cost of defense thereof, arising in favor of a person or group’s members or employees or third parties on account of any property damage arising out of the acts or omissions of the permittee, his/her group, club, or its agents or representatives. The Borough shall be notified of any policy changes or lapses in coverage.