(a) Each applicant for a license under this chapter shall file with the Mayor's office an approved fidelity bond in the principal sum of ten thousand dollars ($10,000), in favor of the City, for the benefit of any person damaged by a dishonest or fraudulent act of the applicant. Such bond shall be maintained in full force and in the full principal amount at all times and shall provide that it shall not be cancelled or revoked until ten days after written notice of intention to cancel or revoke has been given to the Mayor's office.
(b) In addition to the bond required in subsection (a) hereof, each applicant shall file with the Mayor's office an approved policy of public liability insurance, including coverage for false arrest, having coverage limits of fifty thousand dollars ($50,000) per person, one hundred thousand dollars ($100,000) per accident and twenty-five thousand dollars ($25,000) for property damage. Such policy of insurance shall be maintained in full force and full coverage at all times and shall provide that it shall not be cancelled or revoked until ten days after written notice of intention to cancel or revoke has been given to the Mayor's office.
(c) The insolvency or bankruptcy of a licensee shall not operate to release a surety or insurer from liability upon a bond or policy of insurance.
(Ord. 1986-116. Passed 1-7-87.)