Prior to the issuance of a certificate of public convenience and necessity, the applicant therefor must show proof of coverage and shall, during the existence of the certificate of public convenience and necessity, maintain public liability insurance in a minimum amount of $1,000,000 combined single limit and such policy shall carry an endorsement protecting the city against any claims or demands as a result of persons injured or killed or property damaged as a result of the operation of the passenger carrier by the applicant and a copy of such policy or policies shall be deposited with the City Clerk together with an endorsement thereon requiring the insurance carrier to notify the city ten days in advance of any intended cancellation or material change in such coverage.
('61 Code, § 21.24-1) (Ord. 538, passed - - )