Proof of liability insurance for the property where the use will be conducted. In cases where the temporary use is to be conducted on public or quasi-public property, the liability insurance shall carry a minimum amount of $1,000,000 per occurrence and $2,000,000 in aggregate, naming the City of Hoboken and its agents, servants, and employees as additional insured. The policy shall be occurrence-based coverage. The policy shall remain in full force and effect during the period of time when the temporary use is to be operated.