No license shall be issued and no taxicab shall be operated upon any street in the city until there has been filed with the Bedford Police Department and the Clerk- Treasurer an indemnity undertaking or policy of insurance executed by an insurance company authorized to execute these instruments in the state. The insurance shall run for the year of the license to be issued to the applicant, all subject to approval of the Bedford Police Department and the Clerk-Treasurer. The insurance shall provide for the payment of any final judgment that may be rendered against the insured for damages to property or for bodily injury or death of passengers or other persons resulting from a collision or other accident for which the person may be found liable while operating the taxicab described in the application. The insurance shall be a minimum of $100,000 for property damage and $250,000 for the injury or death of any person or persons so injured or killed as above provided. The insurance company shall hold the City of Bedford harmless.
(Ord. 14-2004, passed 5-11-04) Penalty, see § 112.99