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Every applicant for a license to engage in business as described in 1154.22 shall, before such license is granted, file with the City a satisfactory certificate of insurance to indemnify the City against any form of liability in accordance with the following categorization, or shall be responsible through any agent or subcontractor:
(a) Group I. All applicants or agents providing the service of painting signs or graphics on walls, building surfaces, building fascias and windows, and/or erecting mounted flat surface signs and nonelectrical signs, shall indemnify the City against any form of liability to a minimum of one hundred thousand dollars ($100,000).
(b) Group II. All applicants or agents providing the service described in Group I and/or the service of fabricating and/or erecting any sign, other than as described in Group I, shall indemnify the City against any form of liability to a minimum of three hundred thousand dollars ($300,000).
The insurance shall be maintained in full force and effect during the term of business license and such insurance policy or certificate shall provide that the City be notified of any cancellation of the insurance ten days prior to the date of cancellation.