No permit shall be issued or continued pursuant to this chapter unless there is in full force and effect a policy of insurance in such form as the City deems proper, executed by an insurance company approved by the City whereby the applicant or permittee is insured against liability for damage to property and for injury to or death of any person as a result of the theft, sale, transfer, or lease, or offering or exposing for sale, transfer, or lease, of any firearm. The minimum liability limits shall not be less than one million dollars for damage to or destruction of property in any one incident, and one million dollars for the death or injury to any one person. Such policy of insurance shall contain an endorsement providing that the policy will not be canceled until notice in writing has been given to the City, addressed in care of the Chief of Police, 2171 McKinley Street, Berkeley, California, 94703, at least 30 days immediately prior to the time such cancellation becomes effective. Upon expiration of any such policy and if no additional insurance has been secured prior to the expiration thereof in the manner provided for the initial securing of a permit under this chapter, the permit shall be deemed canceled without further notice or opportunity to be heard. (Ord. 6519-NS, 1999)