Each applicant shall furnish with the City Manager a policy of liability insurance issued for the life of the permit applied for, or longer, by a responsible insurance company, approved as to sufficiency by the City Manager, and as to legality by the Director of Law, providing indemnity for or protection to the applicant against loss resulting from the operation of each vehicle to the extent of $500,000 on account of injury or death of 1 person in any 1 accident; and $500,000 for property damage caused in any 1 accident.
(1974 Code, § 93.15) (Ord. 44-76, passed 11-15-1976; Am. Ord. 49-91, passed 9-16-1991)