All required bonds shall be executed by two (2) sureties, or a surety company, and be subject to the approval of the Mayor. Where policies of insurance are required, such policies shall be approved as to substance and form by the Corporation Counsel. Each insurance policy shall provide that it is noncancelable without fifteen (15) days' written notice to the City, and the coverage shall be for the term of the license. Satisfactory evidence of coverage by bond or insurance shall be filed with the Controller before the license or permit is issued. (Code 1968, § 31.04; 1983 Greenwood Municipal Code, § 7-19; Ord. No. 11-37, §1, 11-21-11)