Prior to the issuance of a security patrol service license, the applicant shall furnish the city a surety bond and a certificate evidencing liability insurance. The surety bond shall be in the sum of fifty thousand dollars ($50,000.00) with surety satisfactory to the city conditioned that the applicant shall well and faithfully observe and comply with the terms and conditions of the license granted. The certificate of insurance shall certify that the applicant has obtained a policy of liability insurance insuring the applicant against liability for property damage up to one hundred thousand dollars ($100,000.00) liability, for bodily injury or death up to five hundred thousand dollars ($500,000.00) per person and one million dollars ($1,000,000.00) per occurrence arising out of the negligent acts or omissions of the applicant, his or her agents or employees in the conduct of the security patrol service. The certificate shall evidence that the policy contains a provision requiring the insurer to notify the city prior to the termination of the insurance coverage. (Ord. 2000-23 § 2: prior code § 8.325)