Before a license shall be issued by the City Clerk, the applicant to whom a permit shall have been awarded by the City Council shall deliver to the City a certificate of insurance executed by a company duly authorized under the laws of the State to do business. The insurance policy shall contain an endorsement that the insurance company issuing such policy will not allow the same to be cancelled for any purposes without serving notice of cancellation upon the City. In the event of failure of licensee to carry such policy or policies in force or to properly renew such policies, the City Clerk shall immediately cancel the license therefor. (Ord. 272, 1970; 1996 Code)