Every person, firm or corporation shall, before engaging in the construction business as a building contractor in the city, secure an annual license from the city clerk, and the amount of such annual license is hereby fixed and assessed at $15, and shall procure and maintain a liability insurance policy in the amount of $100,000 for the death or injury of anyone person and $300,000 for the death or injury of any number of persons in anyone accident and $50,000 for property damage in anyone accident. Such policies of insurance shall be issued by some insurance company authorized to do business in the State of Kansas.
A builder or building contractor may qualify as to the insurance requirements by filing a certificate with the city clerk executed by the resident agent of such company stating that the required policy of insurance has been issued by such company for the purpose required by this article and that such insurer will not cancel the policy except upon giving 30 days notice in writing to the city; and that the certificate shall be filed for an annual period beginning January 1 and ending December 31 of such year.