Any insurer limiting his total liability as to property damage in accordance herewith shall notify the City Auditor forthwith of any insurance payments made on behalf of the applicant which would operate to reduce the outstanding total limited liability. The Auditor shall thereupon require adequate additional insurance and in event of the failure of the applicant to furnish the same on ten days' notice his license or licenses shall be suspended until the required additional insurance is provided. Failure to notify the Auditor shall operate to maintain the total liability of the insurer without allowance for payments made.
(Ord. 1339-1929. Passed 5-20-29.)