(a)   No license shall be issued or continued in operation unless there is in full force and effect a liability insurance policy for each vehicle authorized in the amount of $100,000 for bodily injury to any one , in the amount of $300,000 for injuries to more than one which are sustained in the same accident, and $50,000 for property damage resulting from any one accident. Said insurance shall inure to the benefit of any who shall be injured or who shall sustain damage to property proximately caused by the negligence of a holder, his or her servant, or agents. A certificate of insurance conveying the aforementioned insurance shall be issued in favor of the city and shall be filed in the License Section. This certificate shall contain a ten-day notice of cancellation.
   (b)   The Council may in its discretion allow the holder to file in lieu of an insurance policy a bond or bonds issued by a surety company authorized to do business in the state.
   (c)   If the applicant for a license under this Division U has qualified as a self-insurer under M.S. § 65B.48, subd. 3, as it may be amended from time to time, and has filed with the License Section a certified copy or a duplicate original of his or her self-insurance certificate issued by the State Commissioner of Highways, then no policy of insurance or surety bond shall be required to be filed with the city.
(Ord. 89-52, passed 10-2-1989; Ord. 91-14, passed 2-25-1991; recodified by Ord. 95-13, passed 8-7-1995)