Each application for a park permit for a policy or an assembly of five hundred (500) or more persons shall be accompanied by a policy (or a certificate evidencing the existence of a policy) of liability insurance issued by a company authorized to do business in Oregon, insuring the applicant, the city and Portland General Electric Company. The amount of insurance, based upon the city manager’s estimate of attendance pursuant to Section 12.24.040 shall be as follows:
A. One million dollars ($1,000,000.00) bodily injury per person;
B. One million dollars ($1,000,000.00) per occurrence;
C. One million dollars ($1,000,000.00) property damage; plus
D. One million dollars ($1,000,000.00) liquor liability if liquor is served. (Prior code § 1.609)