(A) Whenever insurance is required by a section of this chapter, after approval by the Council, but before the license shall issue, the applicant shall file with the City Clerk a policy or certificate of public liability insurance showing:
(1) The limits are at least as high as required;
(2) Coverage is effective for at least the license term approved; and
(3) The insurance will not be cancelled or terminated without 30 days’ written notice served upon the City Clerk.
(B) Cancellation or termination of the coverage shall be grounds for license revocation.