Insurance requirements. Each applicant, as owner of the food truck, must obtain and maintain a general liability insurance policy protecting itself and naming the Borough as an additional insured from damages of any nature. Each applicant/owner, as a condition of the permit, is required to indemnify, defend and hold harmless the Borough of Pleasant Hills, all elected and appointed officials and employees of the Borough from any and all claims of any nature, including claims for personal injury, property damage, and/ or death arising out of the operation of the food truck and service of food. The general liability policy may not lapse at any time during the time the permit is issued and said policy shall have minimum coverage of $1,000,000 for bodily injury or death and $500,000 for property damage for any one claim. Each such policy must name the Borough as an additional insured and shall provide that any cancellation or reduction in coverage shall not be effective unless 30 days' prior written notice of the cancellation or reduction has been provided to the Borough of Pleasant Hills. Should coverage be allowed to lapse as a result of nonpayment of the premium or any other reason, the permit issued to the applicant shall be rendered null and void and the applicant shall indemnify the Borough for all claims arising out of the operation of the truck.