Every policy, certificate of insurance or bond shall contain a clause obligating the insurer or surety to give the City Manager at least ten days written notice before the cancellation, expiration, lapse or other termination of the bond or policy, and the license granted shall expire upon the termination of the insurance or bond, or upon the termination of the liability of the insurer or surety thereon, in accordance with such notice, unless a new policy or certificate of liability insurance, or a new indemnity bond, approved as provided in Sections 769.08 through 769.10, is substituted therefor. (1947 Code, Sec. 8-64.)