Every policy or certificate of insurance or bond shall contain a clause obligating the insurer or surety to give the City Auditor at least ten days' written notice before the cancellation, expiration, lapse or other termination of such insurance, or the expiration, withdrawal of the surety therefrom or other termination of the bond. The license granted shall expire upon the termination of the insurance or bond, or upon the termination of the liability of the insurer of surety thereon, in accordance with such notice, unless a new policy or certificate of liability insurance, or a new indemnity bond, approved as hereinbefore provided, shall be substituted therefor. Failure to give the notice required shall operate to continue the liability of the insurer or surety for the benefit of persons injured or damaged, as though the policy continued in full force and effect.
(Ord. 1339-1929. Passed 5-20-29.)