As a condition to the issuance of a business license as required under Chapter 3.08 of this code, all sign hangers performing work described under Section 15.148.970 of this chapter shall obtain a commercial general liability insurance policy in the minimum amounts of one hundred thousand dollars ($100,000.00) for injury or death to any person in any one accident; three hundred thousand dollars ($300,000.00) for injury or death to two or more persons in any one accident; and fifty thousand dollars ($50,000.00) for injury or destruction of property in any one accident. Such sign hanger shall furnish the city with a certificate of insurance which shall name the city, its officers, agents, and employees as additional insureds under such policy. Such insurance shall be maintained in full force and effect during the term of the business license and said insurance policy or certificate shall provide that the city shall be notified of any cancellation of said insurance ten (10) days prior to the date of cancellation. (Prior code § 3.13.211)