Insurance. Every sign contractor shall file with the Village a certificate of insurance indicating that the applicant holds a public liability and property damage policy specifically to include the hold harmless with bodily injury limits of at least $1,000,000 per occurrence, and $1,000,000 aggregate, and property damage insurance of at least $1,000,000 per occurrence and $1,000,000 aggregate. Such insurance shall not be canceled or reduced without the insured first giving 30 days notice in writing to the Village of such cancellation or reduction.