Every policy, certificate, insurance, or bond shall contain a clause obligating the insurer or surety to give to the Mayor at least ten days’ written notice before the cancellation, expiration, lapse, or other termination of the insurance, or the expiration, withdrawal of the surety therefrom, or other termination of the bond, and the license granted shall expire upon the termination of the insurance or bond, or upon the termination of the liability of the insurer or surety thereon in accordance with the notice, unless a new policy or certificate of liability insurance or a new indemnity bond, approved as hereinbefore provided, shall be substituted therefor. Failure to give notice required shall operate to continue the liability of the insurer or surety for the benefit of the person injured or damaged, as though the policy continued in full force and effect.
(Ord. 15-78, passed 5-2-1978)