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(A) Any person desiring to obtain an electrical construction license shall be required to produce a certificate of insurance stating that the applicant has liability insurance in an amount not less than required by applicable state law. In addition, before the issuance of any license, the applicant shall be required to comply with and prove such compliance with any bond requirements of the Building Code as adopted by the city.
(B) The insurance and bond requirements set forth in this section shall be maintained during the term of the license. Failure to maintain either the insurance or the requisite bond may result in suspension or revocation of any license issued.