As a condition to granting a taxi license, the applicant shall file with the City evidence of liability insurance coverage, via a certificate of insurance executed by a company authorized to do insurance business in this State, and that is acceptable to the City and provides the minimum limits set by Council resolution. Each certificate of insurance shall require written notice to the City ten calendar days prior to any nonrenewal, suspension, cancellation, or termination of coverage. Failure to maintain such coverage in full force and effect shall constitute immediate revocation of the license.