(A) Before any license is issued for a taxicab, the owner or operator thereof shall file with the City Clerk, to be approved by the City Council, an insurance policy as follows:
(1) Issued by an insurance company licensed and authorized to do business in the state;
(2) Provides liability insurance coverage for each and every taxicab owned, operated, or leased by the applicant;
(3) Has liability coverage not less than $25,000 for one injury or death; not less than $50,000 for each accident, and no less than $10,000 for property damage in any one accident;
(4) Coverage effective whether the taxicab was, at the time of the accident, driven by the owner, his or her agent, employee, lessee, or licensee;
(5) Endorsed thereon and on a form approved by the City Attorney;
(6) Provides that the policy cannot be canceled until written notice of the proposed cancellation is filed with the City Clerk; and
(7) Provides that the policy is made for the use, benefit, and protection of the city and for the use and benefit of any person who may suffer injury, either to his or her person or property by reason of any accident or omission of any applicant or his or her employees in the operation of any taxicab or other vehicle used in the transportation of passengers for hire in the city.
(B) The policy must be approved by the City Council and, if approved, remain in full force and effect during the life of any such license issued.
(C) If, after the approval of the policy and after the issuance of a license, such policy shall be allowed to lapse or shall not be renewed by the payment of premiums, the City Council may cancel any license under the provisions of this article after notice to the licensee and after an opportunity to be heard.
(Prior Code, § 42-698)