A. The licensee shall, at his or her expense, procure and keep in force at all times during the term of any license issued under this chapter, insurance written by an insurer satisfactory to the city clerk, insuring the licensee against all costs, liability and expense on account of injury or death of a person or persons or damage to or destruction of property caused by or connected with the licensee's operation of an auto transportation service in an amount of not less than:
1. Public liability insurance: Three hundred thousand dollars ($300,000.00) per person, five hundred thousand dollars ($500,000.00) per accident;
2. Property damage insurance: Three hundred thousand dollars ($300,000.00) per person.
B. The comprehensive general public liability and property damage insurance required under this chapter shall name the city, its agents and employees as parties insured and the city clerk shall be furnished with a certificate to the effect that such insurance shall not be changed or canceled without thirty (30) days' prior written notice to the city clerk of such pending cancellation. The certificate of such insurance shall be delivered to the city clerk prior to the effective date of any license issued hereunder. (Ord. 511 § 1, 1986; Ord. 456, 1982)