Licensee must demonstrate proof of financial responsibility with regard to liability imposed by Minnesota Statutes Section 340A.409, to the City Clerk at the time of application for a new license or renewal of the existing license. The proof must show that all coverage meets or exceeds the requirements of Minnesota Statutes Section 340A.409 and must cover the entire license period or indicate that coverage is continuous until canceled. If a new certificate of insurance is not filed with the City Clerk during the applicable period after notice of cancellation, the license will be suspended until a new certificate of insurance is filed with the City Clerk and the Minnesota Commissioner of Public Safety. Operation of a business which is required to be licensed under this Chapter without having on file with the City at all times effective proof of financial responsibility as defined in Minnesota Statutes Section 340A.409, shall be grounds for revocation of the license.