No license shall be granted for a carnival or circus until the applicant furnishes evidence that he or it has in effect liability insurance, issued by a company authorized to do business in the State, with limits of one hundred thousand dollars ($100,000) per person, three hundred thousand dollars ($300,000) per accident resulting from bodily injury or death and fifty thousand dollars ($50,000) property damage. Such liability insurance policy, or rider thereto, shall contain a clear indication that such insurance shall be in force and effect through the applicable dates of such license.