A grantee shall at all times during the life of a license or franchise carry and require
its contractors and subcontractors to carry out public liability, property damage,
worker's compensation, and vehicle insurance in such form and amount as shall be determined
by the city as set forth in the agreement. All required insurance shall provide for
thirty-day notice to the city in the event of material alteration or cancellation
of such coverage prior to the effective date of such material alteration or cancellation.
Failure of the grantee to provide appropriate insurance certificates to the city within
sixty (60) days after the execution of a license or franchise shall render the license
or franchise null and void.