§ 413-39. Notice of Insurance or Bond Termination.

Latest version.

Every such policy or certificate of insurance or bond shall contain a clause obligating the insurer or surety to give to the city treasurer at least 10 days' written notice before the cancellation, expiration, lapse or other termination of such insurance, or the expiration, withdrawal of the surety therefrom or other termination of such bond; and the license, granted shall be suspended upon the termination of the insurance or bond, or upon the termination of the liability of the insurer or surety thereon in accordance with such notice, unless and until a new policy or certificate of liability insurance or a new indemnity bond, approved as hereinbefore provided, shall be substituted therefor.

Failure to give the notice required shall operate to continue the liability of the insurer or surety for the benefit of persons injured or damaged, and the policy shall continue in full force and effect.

(Sec. 413-39; ordained by Ord. No. 297-1962, eff. Aug. 1, 1962; reordained as C.M.C. 413-39, eff. Jan. 1, 1962)

                    
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