No permit shall be granted under this article unless the applicant shall present to the Development Services Director evidence of a satisfactory public liability insurance policy covering all operations of $300,000 combined single limit for liability and property damage. Such policy may be written to allow no more than $1,000 for a paid deductible. Should any policy be cancelled, the City shall be notified of such cancellation at least 10 days prior to such cancellation becoming effective, and provisions to that effect placing upon the company writing such policy the duty to give such notice shall be incorporated in such policy. If any such insurance policy at any time fails, in the opinion of the Public Works Director or his or her designee, to comply with the provisions of this section or to afford reasonably satisfactory protection to the persons intended to be protected thereby, he/she shall in writing so notify the applicant and the City Clerk, and failure to maintain the insurance required by this section shall be grounds for revocation of any such permit and refusal to grant any further permit until such insurance requirement is met. (Ord. 18916 § 3, 6-26-07. Code 1995 § 130-157.)