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Anyone owning, placing, leasing or using a newsrack on Town-owned or publicly owned property shall maintain liability insurance with a company insuring against all liability that the owner, lessor or user of the newsrack may incur by virtue of the placement, care, use, operation and existence of the newsrack. Such insurance shall have limits as required by the Colorado Governmental Immunity Act to protect the Town from any and all liability associated therewith. The insurance shall name the Town as an additional insured and shall not be cancelable without thirty (30) days’ prior written notice to the Town. In lieu of such insurance, a publisher or distributor may obtain a waiver of such insurance from the Town Manager upon a showing, acceptable to the Town Attorney, that such person has sufficient unencumbered assets available for attachment and execution to satisfy any judgment that would be rendered against it, up to and including three hundred thousand dollars ($300,000.00). The publisher or distributor shall provide evidence of insurance or evidence of sufficient assets, as the case may be, to the Finance Director each year. (Prior code 12.06.130)