5.04.130 Keeping insurance etc., in force.

(A) Whenever this code requires the applicant for any license or permit to procure, post, or maintain in effect any bond, undertaking, deposit, surety, or policy of insurance, any license or permit so issued shall be in good standing only when such bond, undertaking, deposit, surety, or policy of insurance is in full force and effect. Such license or permit shall be automatically suspended without notice at any time such bond, undertaking, deposit, surety, or policy of insurance is not in full force and effect.

(B) If a new bond, undertaking, deposit, surety, or policy of insurance acceptable to the city manager is filed before the cancellation or expiration of the old one becomes effective, the license or permit will continue in full force.