A sign contractor shall furnish to the City a certificate of insurance, subject to the approval of the City Attorney, evidencing commercial general liability insurance coverage, or its equivalent, in the minimum amount of one million dollars ($1,000,000.00) per occurrence for bodily injury, including death, or damage to property of other arising out of work performed or responsibilities assumed under the license. The aggregate limit shall be no less than one million dollars ($1,000,000.00). In addition, the sign contractor shall furnish a certificate of insurance, subject to approval by the City Attorney, evidencing worker’s compensation insurance sufficient to satisfy the laws of the State of Iowa; employer’s liability insurance in the minimum amount of one hundred thousand dollars ($100,000.00); and auto liability insurance in the minimum amount of one million dollars ($1,000,000.00). These limits may be provided by any combination of primary and excess policies. The insurance company shall endeavor to provide thirty (30) days’ notice of cancellation or nonrenewal to the City. The insurance company is to notify the City within five calendar days whenever the insured contractor becomes not covered by insurance in the minimum amounts specified.