[§ 2, Ord. 701, eff. July 6, 1981]
Prior to issuance of a permit, the applicant shall procure a policy of liability insurance from a company authorized to do business in the State of California, which policy shall designate the City as additional insured and protect it against any and all claims and liabilities for death, injury, loss or damage to person or property arising out of or in any manner related to applicants' operations and vehicles involved therein. Such policy of insurance shall contain not less than the following limits of liability:
Bodily Injury: $500,000 for death or bodily injury or loss sustained by any one person in any one accident; and $1,000,000 for death, bodily injury or loss sustained by more than one person in any one incident; and
Property Damage: $250,000 for loss occasioned by damage or injury to property in any one incident.
Combined Limits: A combined single limit policy with aggregate limits in the amount of $1,000,000 will be considered equivalent to the required minimum limits. Prior to issuance of a permit, applicant shall deliver said policy of insurance, or a certified photostatic copy thereof, to the City Attorney for approval by him as to form and sufficiency, and the permit shall not be issued until such insurance policy is so delivered and so approved. When such policy has been so approved, it shall be filed in the office of the City Clerk of City. Said policy shall name the City as an additional insured and not be subject to cancellation without 30 days' prior written notice to the City.