Prior to the commencement of operation, the licensee shall have on deposit with the city clerk an insurance policy, policies or certificate of insurance of a company licensed to do business in Illinois, together with a certificate from the insurance company to the effect that said policy will not be canceled or terminated except after ten (10) days' notice to the city. A copy of this insurance will be forwarded to the Illinois Municipal League Risk Management Company. Said insurance shall maintain in effect a minimum of five hundred thousand dollars ($500,000.00) liability insurance and shall include the city of Nauvoo as being additionally insured on this policy. (Ord. 1992-8, 6-8-1993; amd. Ord. 2008-2, 7-8-2008)