(a) Every applicant for an institutional special police officer license shall, prior to the license being issued, submit proof that the institution by which he or she is employed has comprehensive general liability insurance coverage in such form as is satisfactory to the Chief of Police, but not less than one hundred thousand dollars ($100,000.00) for each person and three hundred thousand dollars ($300,000.00) for each occurrence for bodily injury and personal injury liability, and one hundred thousand dollars ($100,000.00) for property damage liability and naming the City and its officers and employees as additional insured parties in any claim arising out of the applicant's activities as an institutional special police officer. The policy shall remain in full force and effect during the entire licensing period.
(b) The policy shall provide, in addition to the aforesaid provisions, that no notice of any acts creating any liability thereunder will be required from the City; that the policy shall not be cancelled before ten (10) days written notice of intention so to cancel has been given to the Chief of Police; and that the policy shall not be revokable, but shall remain in full force and effect until ten (10) days have elapsed from the date of service of the written notice.
(c) The policy shall be renewed annually to the satisfaction of the Chief of Police.