No sign permit shall be issued until the applicant has filed with the City Clerk a public liability insurance policy or surety bond approved by the City Attorney in a company duly licensed to transact business in the state, for a principal sum of not less than $10,000 liability to any one person or $20,000 liability on account of any one accident. The policy or bond shall be written in accordance with standard form currently in general use, and a duplicate thereof deposited with the City Clerk. The policy or bond shall further carry an endorsement protecting the city, as its interest may appear, as the result of any accident or injury for which it might become liable in any manner. In the event the insurance or bond should be terminated for any reason, or that the holder of any permit shall fail to keep the insurance or bond in force at any time, then the permit for the maintenance of the sign shall automatically terminate and the sign shall be forthwith removed. If the sign is not removed by the holder of the permit after five days’ written notice then it shall be removed, or caused to be removed, by the City Manager, and the expense thereof shall be recovered from the holder of the permit.
(2009 Code, § 98.13)