Every food or flower vendor shall be covered by an unconditional public general liability insurance policy that includes products and/or completed operations for not less than the following sums:
A. For the injury or death of any one person in any one accident, one hundred thousand dollars ($100,000.00);
B. For the injury or death to two or more persons in any one accident, three hundred thousand dollars ($300,000.00);
C. For the damage or destruction of property in any one accident, twenty-five thousand dollars ($25,000.00) or, at the option of the permittee;
D. Five hundred thousand dollars ($500,000.00) single limit for injury, death or property damage.
No permit shall be issued or valid until the permittee shall have furnished the city revenue officer with a "certificate of insurance," for each policy required, executed by the company issuing such policy, and approved as to form by the city attorney. Such policies shall contain a provision which includes the city as also named insured and holding the city, its officers and employees harmless from any and all claims for negligence by reason of granting permission to use such public property. Such insurance policies shall contain an endorsement that the company issuing such policy or policies will not allow the same to be cancelled without serving, by first class mail, ten (10) days' notice of cancellation upon the city clerk. Notwithstanding any other provisions of this chapter, the failure of the permittee to carry such policy or policies in force and to properly renew said insurance shall automatically revoke the permit as of the date of expiration of such insurance policy or policies. A payment of the full amount of the application and permit fees required by Sections 5.88.100 and 5.88.130 of this chapter shall be made to the city before any such revoked permit may be reinstated. (Prior code § 7.06.069)