Before any permit is issued, a certificate of public liability insurance of not less than $100,000 per person and $300,000 per accident for personal injury and $50,000 for property damage for each accident and $100,000 aggregate shall be filed with the Incorporated Village of Massapequa Park to cover the village, as a named insured, in the event of any injury to persons or property. Said policy or a renewal thereof must be kept in effect until the completion of all work under the above-mentioned permit and the issuance of the certificate of compliance. In the event that such policy shall expire or be canceled and no replacement is furnished prior to such expiration or cancellation, the permit issued will immediately be revoked. There must be an endorsement on the policy stating that cancellation or material modification to such policy shall not be made unless at least 15 days' prior written notice thereof shall be given by registered or certified mail to the Village Clerk of the Incorporated Village of Massapequa Park.