No owner or operator shall drive or operate an ambulance, or cause the same to be driven or operated, in the city and no permit for the operation thereof shall be granted until there is on file with the City Clerk, and in full force and effect at all times while such ambulance is being operated, a policy of insurance approved by the City Attorney and the Director of Finance, insuring the owner and operator of such ambulance (such ambulance being designated by number and state license number) and the city, as co-insured to the extent of any insurable interest, obligation, or risk of the city, against loss by reason of injury or damage which may result to persons or property from the faulty or negligent operation or defective construction or condition of such vehicle, or from any other cause whatsoever. Such policy shall be limited to not less than $50,000 for the injury or death of one person, and $100,000 for the injury or death of two or more persons in the same accident, and $10,000 for injury or destruction of property. Each policy shall contain a stipulation that any cancellation or revocation of such policy shall be without effect unless and until the city is notified thereof in writing 30 days prior to the cancellation thereof. At any time such policy or insurance is canceled by the company issuing the same, or the authority of the company to do business in the state shall cease, the owner shall replace such policy with another policy satisfactory to the City Attorney and the Director of Finance, and in default thereof, the owner's permit to operate shall be revoked. The failure of any owner to notify the City Clerk of any such cancellation or cessation shall constitute a violation of this chapter and subject such owner to the penalty provided for violation of this code.
('63 Code, § 6-2.14) (Ord. 2858, passed 2-7-61) Penalty, see § 10.99