No certificate of public convenience shall be issued unless there is on file with the city an insurance policy approved by the city's insurance carrier or insurance administrator, whereby the owner and the driver of each of the vehicles described in said certificate are insured against liability or damage to property and for injury to or death of any person resulting from the ownership, operation or other uses thereof. Said policy shall be in a sum of not less than two hundred fifty thousand dollars ($250,000.00) for personal injury or death of any one person in any single accident and five hundred thousand dollars ($500,000.00) for personal injury or death of more than one person in any single accident, and the limits on each such vehicle shall be not less than one hundred thousand dollars ($100,000.00) for damage to or destruction of property in any single accident. The insurance policy shall contain an endorsement providing that the city is named as an additional insured party and that said policy of insurance will not be canceled until notice in writing shall have been given to the city of Porterville, addressed to the city clerk, 291 North Main Street, Porterville, CA 98257, at least thirty (30) days prior to the cancellation becoming effective. The insurance policy must be issued by a solvent and responsible company authorized to do business in the state. Said policy shall further provide that there shall be a continuing liability thereon, notwithstanding any recovery on said policy. If, at any time, said insurance policy shall be canceled by the company issuing the same, or the authority of said company to do business in the state shall be revoked, the certificate holder shall replace said policy with another policy approved as above prior to the expiration date of cancellation of said policy. (Ord. 1537 § B17, 8-6-1996)