Subd. 1. Whenever insurance is required by a section of this chapter, after approval by the Council, but before the license shall issue, the applicant shall file with the City Administrator a policy or certificate of public liability insurance showing:
A. The limits are at least as high as required;
B. Coverage is effective for at least the license term approved; and
C. The insurance will not be cancelled or terminated without 30-days' written notice served upon the City Administrator.
Subd. 2. Cancellation or termination of the coverage shall be grounds for license revocation.