No license under this article shall be effective and no such license shall be issued until the applicant or licensee shall present to the City Clerk a satisfactory public liability insurance policy covering all operations of such applicant or licensee in such business in the City in the sum of at least $100,000 for each person injured and containing a limitation of liability of not less than $200,000 in case of injury of two or more persons in any one accident and in the sum of not less than $50,000 for damage to property. Such policy may be written to allow the first $500.00 of liability for damage to property to be deductible. Should any policy be cancelled, the City shall be notified of such cancellation within 10 days after such cancellation is 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 City Forester, 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 licensee and the City Clerk, and failure to maintain the insurance required by this section shall be grounds for revocation of any such license or, in the discretion of the City Forester, for the suspension thereof until the insurance required by this section is so furnished, and it shall be unlawful for any person to engage in business while the license to do so is for any reason suspended or after such license is for any reason revoked. (Ord. 17690 § 1, 6-12-01. Code 1981 § 45-93. Code 1995 § 150-140.)