(A) No license shall be issued or renewed to operate any public vehicle, and no person shall operate any public vehicle or permit such vehicle to be operated, unless a policy of liability insurance issued by a responsible company, approved as to sufficiency by Council and as to legality by the Solicitor, shall be deposited with the Fiscal Officer. The policy of insurance shall be of sufficient amount providing indemnity for or protection to the insured against loss in the amounts to be set and approved by Council, and agreeing to pay within the limits of amounts any judgment creditor who has filed suit or notice of claim with Council for accidents occurring during the license period by reason of the liability of the insured to pay damages to others for bodily injuries, including death at any time resulting therefrom, and for damages to or destruction of property sustained during the term of such policy, by any person other than the insured and employees of the insured, and resulting from negligent operation, maintenance or use of such licensed public vehicle.
(B) A bond may be given in lieu of an insurance policy under the same terms and conditions and shall be subject to the same approval as an insurance policy.
(C) The policy of insurance or the bond herein required shall be valid and effective for the same period for which the license is issued.
(D) The policy of liability insurance as required by division (A) hereof or the bond required by division (B) hereof shall contain the following as minimum limits for liability coverage:
Bodily injury liability | $100,000 each person; $300,000 each occurrence |
Property damage liability | $100,000 each occurrence |
Uninsured and under-insured motorists coverage for bodily injury | $100,000 each person; $300,000 each occurrence |
(E) Each policy of insurance or bond shall contain a clause obligating the insurer or surety to give to the Fiscal Officer at least ten days notice in writing before the cancellation, expiration lapse or other termination of such insurance or bond, or upon the termination of the liability of the insurer or the expiration of the withdrawal of a surety therefrom, or other termination, and the license so granted shall be immediately suspended upon the termination of such insurance or bond, unless a new policy of insurance or bond, approved as hereinbefore provided, shall be substituted therefor. Failure to give the notice required shall operate to continue the insurance policy or bond in effect and to continue to operate for the benefit of persons injured or damaged.
(1997 Code, § 114.06) (Ord. 308, passed 4-5-1949; Ord. 750-86, passed 5-19-1986)