All merchant police service business permittees shall carry insurance for the purpose of indemnifying third persons for bodily injury, in amounts not less than fifty thousand dollars ($50,000.00) for each bodily injury and one hundred fifty thousand dollars ($150,000.00) aggregate limit; and further to indemnify third persons for any damage to property as the result of the actions of the merchant police service, its agents or employees, in an amount of not less than twenty-five thousand dollars ($25,000.00) per claimant and fifty thousand dollars ($50,000.00) aggregate limit. The surety shall be approved as to form by the city attorney's office. It shall be the permittee's responsibility to determine that its insurance carrier has notified the city clerk of any lapse or cancellation in coverage within ten days of notification to the insured. (Prior code § 6-1008)