A sidewalk planter permit shall be deemed abandoned and all rights conferred by the permit shall be automatically extinguished upon the occurrence of any of the following events or circumstances:
A. The permittee, if the business owner, no longer owns the business for which the permit was issued or, if the business operator, no longer operates the business for which the permit was issued.
B. The permittee fails to maintain in full force and effect insurance coverage that fully complies with the requirements of section 14.80.050 or fails to provide evidence of such coverage to the city’s risk manager upon request.