1. Nonconsensual towing storage lots may not accept vehicles until the nonconsensual towing storage lot owner has filed with the city clerk’ s office a certificate of insurance issued by a company licensed to do business in the state, providing insurance coverage for such nonconsensual towing storage lot (which must be specifically described in the policy or endorsements attached thereto), with a minimum liability coverage of one hundred thousand dollars ($100,000) insuring said nonconsensual towing storage lot owner against his legal liabilities for damages to the property of others.

    2. The policy shall further provide that it cannot be canceled until thirty (30) days notice of such cancellation has been given to the city clerk’ s office.

    3. Any cancellation or termination of any insurance policy issued in compliance with this section shall automatically revoke and terminate all rights to operate a nonconsensual towing storage lot, unless another policy complying with this section shall be provided and be in effect at the time of the policy cancellation or termination. (Ord. 2006-0415; 2004-0232)