Every policy or certificate of insurance or bond shall contain a clause obligating the insurer or surety to give the Mayor at least ten days’ written notice before the cancellation, expiration, lapse, or other termination of that insurance, or the expiration, withdrawal of the surety therefrom or other termination of bond. The license granted shall be suspended on termination of the insurance or bond, or on termination of the liability of the insurer or surety thereon, in accordance with such notice, until a new policy or certificate of liability insurance, or a new indemnity bond, approved as hereinbefore provided, is substituted therefor. Failure to give notice required shall operate to continue the liability of the insurer or surety for the benefit of persons injured or damaged, and the policy shall continue in full force and effect.
(1967 Code, § 112.11) (Ord. O-23-42, passed 6-8-1942)