No person shall operate a taxicab or permit such to be operated, nor shall any license be issued hereunder until and unless the applicant for a license hereunder deposits with the Director of Public Safety a policy or certificate of liability insurance for each taxicab for which a license is sought, acceptable to and approved by such Director and the Director of Law indemnifying the applicant in such amounts as provided by ordinance of Council. The policy shall further contain a clause obligating the surety company to give ten-days' written notice to the Director of Public Safety before cancellation of the policy, the license to expire upon the lapse or termination of the policy of insurance.
Such policy of insurance shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon. If at any time in the judgment of the Director such policy is not sufficient for any cause the Director may require the owner of such taxicab to replace such policy with another approved by the Director and the Director of Law. (Ord. 5-80. Passed 2-5-80.)
The following minimum amounts of liability insurance coverage are hereby established: five hundred thousand dollars ($500,000) per person; one million dollars ($1,000,000) per occurrence or one million dollars ($1,000,000) combined single limit; and five hundred thousand dollars ($500,000) for property damage.
(Ord. 38-02. Passed 7-2-02.)