(a) Each licensee under this chapter shall immediately notify the Police Department of any claim over twenty-five dollars ($25.00) made by reason of any loss, theft or conversion occurring upon his or her premises or of any claim for damages arising from the operation of his or her parking lot.
(b) The obligation of any person operating or conducting a parking lot under this chapter to the owner of a motor vehicle parked therein shall not extend beyond the regular hours of attendance, as posted upon the open parking lot.
(1976 Code 6-72.)