Every permittee hereunder who uses any public property for the purpose of storing materials, use of equipment, erection of pedestrian walkways, and canopies, or erection of barricades or other structures, under a permit to build, alter, remodel, or enlarge a building or structure and every permittee engaged in the work of moving, wrecking, razing, or demolishing a building or structure, shall be covered by unconditional public liability insurance for not less than the following sums:
A. For the injury or death to any one person in any one accident subject to the limit of one hundred thousand dollars ($100,000.00) for each person injured or killed in an 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).
No permit to engage in any work covered by this code shall be issued or valid until the permittee shall have furnished to the city controller a "certificate of insurance" for each policy required hereunder, 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 one of the 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 canceled without serving, by first class mail, ten (10) days notice of cancellation upon the city clerk. The failure of the permittee to carry such policy or policies in force and to properly renew said insurance during the time between the issuance of the permit for work to be done and the completion of the work covered by such permit 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 original permit fee shall be made to the city before any such revoked permit may be reinstated or a permit for other work issued. (Prior code § 9.08.370)