(A) Any insurer limiting his or her total liability as to property damage in accordance herewith shall notify the Mayor forthwith of any insurance payments made in behalf of applicant which would operate to reduce the total outstanding limited liability.
(B) The Mayor shall thereupon require adequate additional insurance and, in the event of the failure of applicant to furnish the same on ten days’ notice, his or her license or licenses shall be suspended until the required additional insurance is provided; failure of the insurer to notify the Mayor shall operate to maintain the total liability of the insurer without allowance for payment made.
(Ord. 15-78, passed 5-2-1978)