No license shall be issued under this chapter unless the applicant files with the city a certificate of insurance showing that licensee has liability insurance in effect during the term of the license with an insurance company acceptable to the city clerk, with minimum limits for bodily injury to any one person and any one accident of one hundred thousand dollars and a limit of three hundred thousand dollars for bodily injury in any one accident, and providing that such insurance shall be cancellable only after ten days’ written notice to the city. The insurance will specifically include the city as an insured party and will indemnify and save harmless the city from all suits, accidents and damages consequent therefrom for or by any reason of any suits, accidents and damages resulting from the licensee’s operation of the traffic escort service in the above stated policy limits. Cancellation or voiding of applicant’s insurance policy by whatsoever means shall automatically cancel applicant’s license. (Ord. 295-74 Ch. 19 § 4, 1974.)