No certificate of public convenience and necessity shall be issued or continued in operation, unless there is on file with the city recorder a certificate of insurance executed by an insurance company or association authorized to transact business in this state, approved as to form by the city attorney, that there is in full force and effect vehicle liability insurance covering the operation of applicant's transportation vehicles with minimum limits of two hundred fifty thousand dollars ($250,000.00) for one person in any one occurrence, five hundred thousand dollars ($500,000.00) for two (2) or more persons in any one occurrence and one hundred thousand dollars ($100,000.00) for property damage or such greater amounts as set forth in section 63-30-34, Utah Code Annotated, 1953, as amended, or its successor or such greater amounts as may be required by the Utah department of transportation or the United States department of transportation. Such policy or policies shall include coverage of all vehicles and horses used or to be used for public transportation for hire, and all motor vehicles used in connection with applicant's business. A current certificate of insurance shall be kept on file with the city recorder at all times that a certificate of convenience and necessity is held verifying such continuing coverage and naming the city as an additional insured. The certificate shall contain a statement that the city will be given written notification at least thirty (30) days prior to cancellation or material change in the coverage without reservation of nonliability for failure to so notify the city. Cancellation shall constitute grounds for revocation of the certificate of convenience and necessity issued hereunder unless another insurance policy complying herewith is provided and is in effect at the time of cancellation/termination. (Ord. 24-99 § 2, 1999: Ord. 51-89 § 1, 1989)