Each applicant for a "safe and sane fireworks permit" or for a "dangerous fireworks permit" shall have filed with the city clerk prior to the issuance and validity of any permit, a policy, or a certified true copy thereof, of public liability and products liability insurance, including both "accident" and "occurrence" coverage. The insurance coverage limits for both public liability coverage and for products liability coverage shall be at least one hundred thousand dollars ($100,000.00) per person per occurrence bodily injury, three hundred thousand dollars ($300,000.00) per occurrence aggregate bodily injury and one hundred thousand dollars ($100,000.00) per occurrence aggregate property damage. Each policy shall be in form and substance acceptable to the city council, and shall name as insured parties under the terms of the policy the city, all officials of the city in the performance of official functions regarding all operations under or pertaining to said permit, any licensee or licensor of the applicant, and all vendors of the fireworks covered by the permit to be issued to the applicant. Said policy of insurance shall be so written that it cannot be canceled without at least ten (10) days' prior written notice to the city from the underwriting insurance company. The policy of insurance shall be underwritten through or by a qualified and duly licensed insurance company or companies doing or authorized to do insurance business in Idaho. (1982 Code)