No ambulance license shall be issued under this chapter, nor shall such license be valid after issuance, nor shall any ambulance be operated in the city, unless there is at all times in force and effect insurance coverage, in such amounts as required by the licensing authority, providing protection:

    1. For injury to or death of individuals resulting from any cause for which the owner of the ambulance would be liable on account of liability imposed on him by law, regardless of whether the ambulance was being driven by the owner or his agent; and

    2. Against damage to the property of another, including personal property, under such terms as may be required by the licensing authority. Proof of such required insurance shall be submitted to the licensing authority for approval prior to the issuance of each ambulance license. Satisfactory evidence that such insurance is at all times in force and effect shall be furnished by all licensees to the licensing authority, in such a form as may be specified. Every insurance policy required hereunder shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon; that the liability of the insurer shall not be affected by the insolvency or the bankruptcy of the insured, and that until the policy is revoked the insurance company will not be relieved from liability on account of nonpayment of  premium, the failure to renew the policy at the end of the year or any act or omission of the named insured. Each insurance policy required hereunder shall extend for the period to be covered by the ambulance license applied for and the insurer shall be obliged to give not less than twenty days' written notice to the licensing authority and to the insured before any cancellation or termination of the policy prior to its expiration date, and the cancellation or other termination of any policy shall automatically revoke and terminate the license issued for any ambulance covered by such policy, unless a substitute insurance policy complying with the provisions of this section is in effect at the time of such cancellation or termination;

    3. The ambulance licensee shall hold harmless from and indemnify the licensing authority against all claims, suits, actions, costs, counsel fees, expenses, damages, judgments or decrees, incurred by reason of any person or persons or property being damaged or injured by the licensee or any agent or employee of a licensee, whether by negligence or otherwise.  (Ord. S-17734, 1971)