Every such policy or certificate of insurance or bond shall contain a clause obligating the insurer or surety to give to the Mayor at least ten days written notice before the cancellation, expiration, lapse or other termination of such insurance or the expiration, withdrawal of the surety therefrom or other termination of such bond, and the license granted shall be suspended upon the termination of the insurance or bond or upon the termination of the liability of the insurer or surety thereon, in accordance with such notice, unless and until a new policy or certificate of liability insurance or a new indemnity bond, approved as hereinbefore provided, is substituted therefor. Failure to give the notice required shall operate to continue the liability of the insurer or surety for the benefit of persons injured or damaged, and such policy shall continue in full force and effect.
(Ord. 3-1965, passed 3-23-1965)