Each applicant shall file with the Municipal Clerk an approved fidelity bond in the principal sum of ten thousand dollars ($10,000) in favor of the City for the benefit of any person damaged by the dishonest or fraudulent act of the applicant. Such bond shall be maintained in full force and in the full principal amount at all times, and shall provide that it shall not be cancelled or revoked until ten days after written notice of intention so to cancel or revoke has been given to the Clerk.
In addition to the bond, each applicant shall file with the Clerk an approved policy of public liability insurance including coverage for false arrest, having coverage limits of one hundred thousand dollars ($100,000) per person, three hundred thousand dollars ($300,000) per accident and fifty thousand dollars ($50,000) property damage. Such policy of insurance shall be maintained in full force and full coverage at all times, and shall provide that it shall not be cancelled or revoked until ten days after written notice of intention so to cancel or revoke has been given to the Clerk.
The insolvency or bankruptcy of the licensee shall not operate to release the surety or insurer from liability upon the bond or policy of insurance.