A. Insurance Required: Before any license is issued for any person, firm or corporation as defined in this chapter, he or they shall file with the city, to be approved by the city manager, an insurance policy for an indemnity fund as hereinafter provided: An insurance policy issued by an insurance company licensed to do business in the state providing public liability insurance for each and every operation or job performance by such person, firm or corporation engaged in such business as set forth herein; the insurance policy will be in the sum of: (2000 Code § 9-603)
1. Fifty thousand dollars ($50,000.00) for the injury or death of any person;
2. One hundred thousand dollars ($100,000.00) for the injury or death of any number of people in one accident growing out of the work of such person, firm or corporation engaged in such business as provided herein; and
3. Coverage of fifty thousand dollars ($50,000.00) for property damage in any one accident. (2000 Code § 9-603; amd. Ord. 1073, 3-11-2008, eff. 4-10-2008)
B. Policy Conditions; Cancellation: The policy shall further provide that it cannot be cancelled until at least ten (10) days' notice has been given to the city and the policy shall carry an endorsement of actual notice to the city for any change therein, the policy to be approved by the city manager and endorsed thereon. The policy shall be approved as to form by the city attorney. The policy shall be made for the use, benefit and protection of any person who may suffer injury either to his person or property by reason of any accident or omission or negligence of any person, firm or corporation engaged in such business as provided herein. The policy must be approved by the city manager, and if approved, shall remain in full force and effect during the life of such license issued. If, after the approval of such policy and after the issuance of the license, such policy is allowed to lapse or is not renewed by the payment of premiums, the city may cancel any license issued under provisions of this chapter, and after notice to the licensee and after an opportunity to be heard. The cancellation of any policy shall in no way affect or terminate any liability arising prior to the effective date of the cancellation. (2000 Code § 9-603)