Each applicant for a permit required by this chapter shall take out and maintain during the time when such removal is to take place workmen’s compensation insurance for all of the employees employed in the work as required by the laws of the state, and also public liability and property damage insurance. The public liability insurance shall be in an amount not less than twenty-five thousand dollars for injuries, including accidental death to any one person; and subject to the same limit for each person, in an amount not less than fifty thousand dollars on account of one accident; and property damage insurance in an amount not less than ten thousand dollars. The property damage insurance shall include and cover any damage caused to the streets or property of the city, the lines or property of any utility, or the vehicles or property of any person in connection with, or as a result of the moving of the building described in the application. The application shall furnish the city with satisfactory proof of the carriage of the insurance required under this chapter, and each and every policy of insurance or agreement shall be absolutely noncancellable for a period of less than five days after notice to the city and shall contain the following provision or one substantially the same:

"This policy herein referred to is noncancellable or subject to a reduction in coverage by the insurance of less than five days after the insured has received written notice of cancellation or reduction as evidenced by return receipt of registered letter." (Ord. 185 NCS §5; prior code §21.45.)