In addition to the waiver of liability required by this chapter, the application for a permit shall have attached to it proof of liability insurance of $100,000 for each person injured and $300,000 aggregate per accident and $100,000 for property damages for each accident. This insurance will name the city as coinsured with the applicant applying for a sidewalk sale permit. The purpose of the insurance is to protect sales personnel and citizens against losses suffered by injuries caused by or connected with a sidewalk sale.
(`79 Code, § 91.635)