(A)   Any person desiring to obtain a plumbing construction license shall be required to produce a certificate of insurance stating that the applicant has liability insurance, including products and completed operations and property damage insurance in an amount not less than that required by any applicable state statutes or administrative rules and regulations established by the State Plumbing Commission or in the event that no such applicable regulations and/or statutes exist in an amount not less than $50,000 for damages caused by injury to one person, not less than $100,000 for damages caused by injury to more than one person in one accident, and not less than $50,000 for property damage.
   (B)   In addition, before the insurance of the license, the applicant shall be required to comply with and prove such compliance with any bond requirements of the applicable Building Code adopted by the city.
   (C)   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.