The grantee shall maintain insurance throughout the term of the franchise which provides coverage in such amount as may be required by the worker's compensation insurance and safety laws of the state of California and amendments thereto. Proof of such insurance coverage shall be provided to the city and shall contain a provision that a written notice of cancellation or reduction in coverage of the policy shall be delivered to the city thirty days in advance of the effective date thereof.
(Ord. 505 § 1 (part), 1987).