The owner of the business seeking a permit for a seasonal sidewalk seating area shall procure and maintain during the term of the permit a policy of general liability insurance satisfactory to the Village, in a form approved by the Village Attorney, and an endorsement naming the Village as a named insured, covering the use of the public sidewalk as a seasonal sidewalk seating area. The limits of liability under such insurance shall be not less than $1,000,000 per accident, single limit. Prior to the issuance of a permit, the applicant shall file a valid policy or certificate thereof, and the required endorsement, with the Village Clerk.