The licensee shall file with the City Manager a bond or policy of public liability insurance approved by the attorney and conditioned that the licensee will indemnify and save harmless the city, its officers, agents and employees from any and all loss, costs, damages, expenses or liability which may result from or arise out of the granting of such license or the installation or maintenance of such bench for which a license is issued, regardless of the point to which such bench or benches may be moved within the city with or without the consent of the licensee, and that the licensee will pay any and all loss or damage that may be sustained by any person as a result of, or which may be caused by, or arise out of, such installation or maintenance. The bond or policy of insurance shall be maintained in its original amount by the licensee at all times during the period for which the license is in effect. In the event that two or more licenses are issued to one licensee, one bond or policy of insurance may be furnished to cover two or more benches, and each bond or policy shall be of a type which automatically continues coverage after the occurrence of any loss or accident from which liability may accrue.
(`89 Code, § 95.030)