Every policy or certificate of insurance or bond required under this chapter shall contain a clause obligating the insurer or surety to give to the Village Administrator at least ten days written notice before the cancellation, expiration, lapse or other termination of such insurance, or the expiration, withdrawal of the surety therefrom or other termination of such bond, and the license granted shall be suspended upon the termination of such insurance or bond, or upon the termination of the liability of the insurer or surety thereon, in accordance with such notice, unless and until a new policy or certificate of liability insurance, or a new indemnity bond, approved as hereinbefore provided, is substituted therefore. Failure to give the notice required shall operate to continue the liability of the insurer or surety for the benefit of persons injured or damaged, and such policy shall continue in full force and effect.
(Ord. 1184, passed 1-28-1952; Am. Ord. 82-3, passed 1-4-1982)