Hey,
with the licenses I meant the edition, like Standard, Enterprise, Enterprise Plus, to see what features are available to you. So you answered the question 
With the vCenter Server, a shared storage and 2 hosts with Standard license, you got everything you need for VMware vSphere High Availability (HA)
Your VMs have to run on the shared storage. If Host A crashes, the VM running on it will automaticly be started on Host B. So you don't need to copy clone anything because the original VM will just be started on the other Host.
Your VM downtime in case of a host crash will be the time for HA to recognize the crash ( few seconds ) + the time the VM needs to boot up at the new host.
Regards