(A) No license may be issued, maintained or renewed by a licensee unless the licensee demonstrates proof of financial responsibility by providing with the application form either of the following:
(1) Liability insurance that is in effect for the license period issued by an insurer licensed to do business in the State of Minnesota providing at least $300,000 of coverage because of bodily injury to any one person in any one occurrence, $600,000 because of bodily injury to two or more persons in any one occurrence, $100,000 because of injury to or destruction of property of others in any one occurrence; or
(2) A performance bond in the amount of $1,000.
(B) A liability insurance policy required by this section must provide that it may not be canceled for:
(1) Any cause, except for nonpayment of premium, by either the insured or the insurer, unless the canceling party has first given 60 days of notice in writing to the city of intent to cancel the policy; and
(2) Nonpayment of premium, unless the canceling party has first given ten days of notice in writing to the issuing authority of intent to cancel the policy. A bond required by this section must be conditional upon compliance with the city code and all city regulations, rules and requirements. Any action to collect the bond proceeds shall not prevent the city from filing criminal complaints for ordinance violations.
(Ord. 162, passed 1-1-89; Am. Ord. 279, passed 3-2-15)