(a) No police permit shall be issued or reissued unless there is in effect a policy of insurance in a form approved by the City and executed by an insurance company approved by the City, whereby the applicant is insured against liability for damage to property and for injury to or death of any person as a result of the sale, lease or transfer or offering for sale, lease, or transfer of a firearm. The minimum liability limits shall not be less than one million dollars ($1,000,000) for death of any person as a result of the sale, lease or transfer or offering for sale, lease or transfer of a firearm. The minimum liability limits shall not be less than one million dollars ($1,000,000) for each incident of damage to property or incident of injury or death to a person.
(b) The insurance policies shall be issued by an agent or representative of an insurance company licensed to do business in the State of Ohio and with a Best's rating of at least A.
(c) The insurance policies shall contain an endorsement obligating the insurance company to furnish the City with at least 30 days prior written notice in advance of cancellation of the insurance.
(d) Upon expiration of a policy of insurance and if no additional insurance is obtained, the permit is considered canceled without further notice.
(Ord. 188-2004. Passed 11-1-04.)