In addition to obtaining a corporate surety bond as required by § 4-223, a builder or building contractor must procure and maintain a liability insurance policy in the amount of $100,000 for the death or injury of any one person and $300,000 for the death or injury of any number of persons in any one accident and $50,000 for property damage in any one accident. Such policies of insurance shall be issued by some insurance company authorized to do business in the state. A builder or building contractor may qualify as to the insurance requirements by filing a certificate with the City Clerk executed by the resident agent of such company stating that the required policy of insurance has been issued by such company for the purpose required by this article and that such insurer will not cancel the policy except upon giving 30 days’ notice in writing to the city; and that the certificate shall be filed for an annual period beginning January 1 and ending December 31 of such year.