The insurance policy mentioned in Section 5.12.440 shall contain an endorsement stating that the policy is extended to cover the liability assumed by the grantee under the terms of the franchise, and shall contain an endorsement as follows:

It is hereby understood and agreed that this policy may not be canceled nor the amount of any coverage thereof reduced until sixty (60) day after receipt by the City Clerk of the City of Montague, City Hall, Montague, California, by registered mail, of a written notice of such proposed cancellation or reduction in coverage. (Ord. 93-03 §14 (part), 1993)