Every person, before being granted any of the licenses provided for in this chapter, shall deposit with the city clerk a standard form of bailees' customers' insurance policy, to be approved by the city commission, insuring all kinds of lawful goods and articles to be dry cleaned, dyed or pressed by the insured, which are the property of its customers, while in the custody of the insured, its agents or stores and while being transported in due course of transit from its establishments, agents, or stores or while in the custody of such person, against direct loss or damage. Any license issued under this chapter shall immediately be revoked and canceled in the event the holder of such license permits his policy of insurance to lapse. (Prior code § 15-1-9)