Each taxicab company must comply with the following insurance requirements:
(A) Every licensee shall carry public liability and property damage insurance and, where applicable, workers' compensation insurance for his employees with solvent and responsible insurers approved by the village attorney, licensed by and authorized to do business in the state of Illinois, and qualified under the laws of Illinois to assume the risk in the amount hereinafter set forth, to secure payment by the licensee, his agents, employees or lessees of any final judgment or settlement of any claim against them resulting from any occurrence caused by or arising out of the operation or use of any of the licensee's public passenger vehicles. All insurance policies shall name the village, its officers, and agents as additional insured.
(B) Every insurance policy or contract for such insurance shall provide that suit may be brought in any court of competent jurisdiction upon such policy or contract by any person for the payment and satisfaction of any final judgment rendered against the licensee or person insured arising from the operation or use of such vehicle.
(C) Every public liability insurance policy must meet the requirements of state law, governing coverage for damages from owners or operators of uninsured motor vehicles, hit and run motor vehicles, and underinsured motorists.
(D) Each public liability insurance policy shall provide for coverage in an amount as required by state law, as may be amended from time to time 1 .
(E) The insurance policy shall contain a description of each public passenger vehicle insured, manufacturer's name and number, the state license number and the public passenger vehicle license number.
(F) All insurance policies or contracts as required by this section, or copies thereof certified by the insurers or sureties shall be filed with the village clerk. The policy shall be further endorsed to provide thirty (30) day advance notice of any cancellation thereof to the village clerk. If any insurance policy is canceled or permitted to lapse for any reason, the village shall suspend the license for the vehicle affected for a period not to exceed ten (10) days to permit another insurance policy to be supplied in compliance with the provisions of this section. If such other insurance policy is not supplied within the period of suspension of the license, the village shall revoke the license for such vehicle. In the event that such insurance is supplied, the commissioner shall nevertheless suspend the license for each vehicle affected for an additional period of five (5) days for every day of noncompliance, except by reason of the insolvency of the insurer without advance written notice to the licensee, for the first such violation of insurance requirements, and a period of ten (10) days for every day of noncompliance for the second such violation within any three (3) year period. The third violation of this insurance requirement within any three (3) year period shall result in revocation of the licenses of the affected vehicles. (Ord. 10-1337, 9-2-2010)
Notes
| 1 | 1. 625 ILCS 5/8-109. |