(A)   No ambulance license shall be issued under this chapter, nor shall such license be valid after issuance, nor shall any ambulance be operated in the city unless there is at all times in force and effect insurance coverage, issued by an insurance company licensed to do business in the state, for each and every ambulance owned and/or operated by or for the applicant or licensee, providing for the payment of damages as follows:
      (1)   For damages arising out of bodily injury to or death of one person in any one accident, $20,000;
      (2)   For damages arising out of bodily injury to or death of two or more persons in any one accident, $40,000; and
      (3)   For the loss of or damage to the property of another, including personal property under like circumstances, $10,000.
   (B)   The insurance policies shall be submitted to the license officer for approval prior to the issuance of each ambulance license. Satisfactory evidence that such insurance is at all times in force and effect shall be furnished to the license officer, in such form as he may specify, by all licensees required to provide such insurance under the provisions of this chapter.
   (C)   Every insurance policy required hereunder shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon, that the liability of the insurer shall not be affected by the insolvency or the bankruptcy of the assured, and that until the policy is revoked, the insurance company will not be relieved from liability on account of nonpayment of premium, failure to renew license at the end of the year, or any act or omission of the named assured. Such policy of insurance shall be further conditioned for the payment of any judgments up to the limits of the policy, recovered against any person other than the owner, his agent, or employee, who may operate the same with the consent or acquiescence of the owner.
   (D)   Every insurance policy required hereunder shall extend for the period to be covered by the license applied for and the insurer shall be obliged to give not less than ten days written notice to the license officer and to the assured before any cancellation or termination thereof earlier than its expiration date and the cancellation or other termination of any such policy shall automatically revoke and terminate the licenses issued for the ambulances covered by such policy, unless another insurance policy complying with the provisions of this section shall be provided and be in effect at the time of such cancellation or termination.
('68 Code, § 5½-5) (Ord. 1443, passed 11-5-79) Penalty, see § 10.99