No license shall be issued unless the applicant shall first deposit with the City Clerk a prepaid policy or certificate of liability insurance to be accepted and approved by the Chief Legal Officer and issued by a company authorized to do business in the State of Michigan, indemnifying the applicant and the City of Flint in the sum of at least one hundred thousand dollars ($100,000.00) for injury or death to one person or three hundred thousand dollars ($300,000.00) for injury or death to more than one person in any one accident and fifty thousand dollars ($50,000.00) property damage through the operation of the business of sign hanging; the policy of insurance so deposited shall contain a clause obligating the insurance company issuing the same to give ten days’ written notice to the City Clerk before cancellation of the policy or any part thereof, and the license for the operation of the sign hanging business shall expire upon the lapse or termination of the policy of insurance.
(Ord. 2499, passed 5-27-1975)