Before any license required by this chapter or otherwise by Village ordinances shall be issued or the construction of a trailer or semitrailer storage lot or any driveway thereto commenced, the applicant shall file, in duplicate, with the Village Clerk a public liability insurance policy issued by a solvent insurance company authorized by the State and possessed with a certificate of such authorization issued under State laws in the form acceptable by the Underwriter's Code of the State Department of Insurance for such policies. The policy shall insure not only the licensee but also the Village against liability for damage or injury to persons or property arising out of the construction, conduct, operation and maintenance of the parking lot and any driveway leading thereto across any public way, walk or street in an amount of fifty thousand dollars ($50,000.00) for one (1) person injured and not less than one hundred thousand dollars ($100,000.00) for each accident and not less than one hundred thousand dollars ($100,000.00) for all property damaged in any one (1) accident. Such policy of insurance shall contain endorsements thereon that such policy shall not be canceled for any cause without notice being first served on the Village Clerk at least thirty (30) days prior to the date of such cancellation. All such policies submitted shall be first approved by the Village Attorney before being accepted for such filing with the Village Clerk. All such bonds shall be kept in full force and effect during the life of such license or renewals thereof. (Ord. 2020-13, 2-4-2020)