Each applicant shall file with the Finance Director, at the time he or she pays for and obtains his or her license, a good and sufficient paid-up indemnity bond, payable to the City, for the benefit of any person injured in person or property. Such bond shall be to the approval of the Director, in a sum equal to two thousand five hundred dollars ($2,500) for special police agencies or private detective agencies and one thousand dollars ($1,000) for special policemen or private detectives, and conditioned upon the lawful operation and conduct of the licensee's business. The indemnity bond shall be kept and maintained at such amount at all times and until every claim against the licensee for damages, injuries or death incurred or suffered by property or person through neglect or a wrongful act of such licensee is completely satisfied. Such bonds shall be conditioned such that any judgment rendered in any court against the licensee arising out of any damage or injury to any person or property caused by the operation by the licensee of his or her business, due to the wrongful act of his or her agents or employees, shall be paid. Such bond shall contain express provisions to the effect that the bond shall not become void upon the first recovery, but may be sued upon and recovery may be had from time to time until the full amount is exhausted. In case of payment of damages by the surety upon such bond, the principal shall immediately give an additional bond in the amount paid to the end that there shall be at all times the principal sum hereinbefore specified available for compensation.
The bond shall further provide that the insolvency or bankruptcy of the licensee shall not release the surety from the payment required to be made from the bond and that the bond will remain in full force and effect and available to any person damaged, the same as if the licensee were not insolvent or bankrupt.
In lieu of giving such a bond, every licensee hereunder may, at his or her option, file with the Finance Director a liability insurance policy having coverage limits of five hundred thousand dollars ($500,000) per person, one million dollars ($1,000,000) per accident and five hundred thousand dollars ($500,000) for property damage. Such policy shall be maintained in full force and full coverage at all times and shall meet the terms, stipulations and conditions hereinbefore set for indemnity bonds. Such policies shall be acceptable to and subject to the approval of the Finance Director.
Such policies shall provide, in addition to the foregoing provisions, that no notice of any acts creating any liability thereunder will be required from the City; that the policy shall not be cancelled before ten days written notice of intention to cancel has been given to the Finance Director; and that the policy shall not be revocable, but shall remain in full force and effect until ten days have elapsed from the date of service of the written notice.
The bond or policy shall be renewed annually to the satisfaction of the Finance Director.