A franchisee’s failure to procure or maintain required insurance shall constitute a material breach of the ordinance codified in this title and a franchise agreement. Under such a circumstance, the city may, at its discretion, procure or renew such insurance to protect the city’s interests and pay any and all premiums in connection therewith and recover all moneys so paid from the franchisee, and assess liquidated damages for such a material breach and/or seek revocation or termination of the franchisee’s franchise. (Ord. 205 § 3, 2001)