No operator or vehicle license, as provided in Section 750.04, shall be issued or continued in operation unless there is in full force and effect a policy of insurance in the amount of one hundred thousand dollars ($100,000)/three hundred thousand dollars ($300,000) per accident, covering property damage and personal injury or death, for the benefit of any person(s) injured, killed or otherwise damaged as the result of the negligence of the holder, its servants or agents. Said policy of insurance shall be kept on file in the office of the Mayor, and the insurance company shall be required to serve upon the Mayor at least ten days' written notice prior to the cancellation of such policy.
(Ord. 97-93. Passed 4-21-97.)