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Every applicant for a license shall, before a license is granted, file with the state a satisfactory certificate of insurance to indemnify the state or municipality against any form of liability to a minimum of $1,000,000, or shall be responsible through any agent or sub-contractor. The insurance shall be maintained in full force and effect during the term of the business license and the insurance policy or certificate shall provide that the city be notified of any cancellation of the insurance ten days prior to the date of cancellation.
(Title VII, Ch. 17, § 7.4)