No license to operate any taxicab or public conveyance vehicle for hire shall be issued or renewed by the City of Bellevue until the applicant has filed with the Mayor the original policy signed by a duly authorized official of a company authorized to write insurance in the State of Ohio to the effect that a policy of insurance has been issued to the applicant and is in full force and effect, and that the premium has been paid as required thereon. In cases where the insurance premium is payable monthly, proper certificates or evidence of the payment of the premium for each month shall be delivered to the Mayor not later than the first of the month for which the premium is due and payable.
The policy of insurance shall be conditioned for the payment of any judgments recovered against such applicant for death, injuries to persons or damage to property caused in the operation, maintenance or use, or the defective construction of the taxicab or public conveyance vehicle for hire to be licensed.
The policy of insurance shall provide that the extent of liability of the insurer as to each licensed vehicle is the sum of not less than one hundred thousand dollars ($100,000) on account of injuries to or death of any one person in any one accident, there hundred thousand dollars ($300,000) on account of any one accident resulting in injury to or death of more than one person, and fifty thousand dollars ($50,000) on account of damage to property in any one accident.
Such policy of insurance shall contain a provision for continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon, and that until the policy is revoked, as herein provided, the insurance company will not be relieved from liability on account of nonpayment of premium, failure to renew license at the end of the year, or any act or omission of the named assured. Such policy of insurance shall be further conditioned for the payment of any judgments up to the limits of the policy, recovered against any person who may operate the same with the consent or acquiescence of the owner.
Any insurance company whose policy has been filed pursuant to this section, shall file a ten-day written notice in the office of the Mayor of its intention to terminate and cancel such policy and give notice thereof to the named applicant; whereupon after ten days of such filing, such applicant or owner shall cease to operate or cause to be operated within the City such taxicab or public conveyance vehicle for hire and the license issued therefor shall be automatically revoked. The liability of the insurance company thereon for any act or omission of the applicant or owner, his agent or employees, occurring prior to the effective date of cancellation shall not be thereby discharged or impaired.