All must have at all times a valid certificate of insurance issued by an insurance company licensed to do in the state evidencing that the applicant’s use of the property is currently covered by a liability insurance policy. The minimum limits of coverage for such insurance shall be:
   (a)   Each claim, at least $200,000; and
   (b)   Each incident, at least $500,000.
   Such insurance shall be kept in force during the term of the license and the must provide for prior notification to the city should the policy be terminated or canceled. A certificate of insurance must accompany all initial and renewal license applications.
(Ord. 93-20, passed 4-26-1993; recodified by Ord. 95-13, passed 8-7-1995; added by Ord. 2002-20, passed 6-3-2002)