The surety bond or insurance policy required by Section 38-12 shall be in effect for the period of time covered by the license for which such bond or policy is given and shall expire at the expiration of the license for which such bond or policy was given. Each such detective or detective agency shall, on or before the date of the expiration of the terms of any surety bond or insurance policy so filed by such agency, file a renewal thereof or a new surety bond or insurance policy containing the same terms or obligations of the preceding surety bond or policy and shall each year thereafter or before the expiration date of the existing surety bond or insurance policy file such renewal surety bond or insurance policy so as to provide continuous security to persons so injured. In the event any such detective or detective agency fails to execute any surety bond or insurance policy in the first instance or to execute any renewal surety bond or insurance policy or to file the same with the city manager as provided in this article, it shall constitute grounds for revoking the license issued under the provisions of this chapter. (Ord. Nos. 4039; 4311)