Before any circus license is issued, the applicant therefor shall furnish one or more policies of insurance, issued by responsible insurance companies, providing indemnity for the insured in the amounts specified herein and agreeing to pay, within the limits of such amounts, on behalf of the insured, all sums which the insured becomes obligated to pay by reason of the liability imposed upon the insured by law, for damages because of bodily injury, including death, at any time resulting therefrom, or for damages to property, or both, sustained by any person, other than the employees of the insured, and caused by accident and arising out of the operation of the licensed business. The minimum amount of such insurance coverage shall be as set forth in the schedule provided for in Section 802.24.
   A duplicate executed copy or photostatic copy of the original of such insurance policy, approved as to form by the City Attorney, shall be filed with the City Clerk.