The permit holder shall, five (5) days prior to commencing work or business within the City, deliver to the Clerk's office satisfactory evidence of a paid-up policy of liability insurance, with the coverage limit in the amount of three hundred fifty thousand dollars ($350,00.00), acceptable to the Mayor and Council insuring the City against any loss suffered from any cause to any person from the operation conducted under the permit. At the termination of said policy, the permit holder shall present proof of paid-up insurance in the amount herein set forth. (Ord. 654, 2-28-66, amd. Ord. 655, 3-14-66)