The grantee shall, at all times during the existence of any franchise issued under this chapter, maintain in full force and effect, and at its own cost and expense a general comprehensive liability insurance policy, in protection of the city, its officers, boards, commissions, agents and employees, from a company approved by the city and in a form satisfactory to the city attorney, protecting the city and all persons against liability for loss or damage for personal injury, death and property damage, occasioned by the operations of the grantee under such franchise, in minimum liability limits as established by the city. (Ord. 1595 NCS §18, 1984; Ord. 757 NCS §15; prior code §9A.16(a).)