Every owner of a vehicle described in § 120.01 of this chapter shall file with the City Clerk either:
(A) A bond or bonds to the amount of $5,000 for each taxicab operated by the owner. The bond or bonds shall have either personal sureties, which bond or bonds shall be approved in the same manner as other bonds on which personal sureties are offered or a solvent and responsible surety company. The bond or bonds shall be conditioned that the owner of the vehicle will pay all final judgments recovered against the owner for any injury to or death of any person resulting from the negligence of the owner or the owner’s agent in the operation of the vehicle, and the bond or bonds shall by terms inure to the benefit of the person recovering any such judgment; or
(B) A policy or policies of insurance in a solvent and responsible company authorized to do business in the state insuring the owner of the vehicle against liability for any injury to or death of any person resulting from the negligence of such owner or the owner’s agent in the operation of such vehicle. The policy or policies of insurance shall be in the sum of $5,000 for all vehicles operated by the owner and shall provide for payment and satisfaction of any final judgment rendered against the owner of the vehicle for such injury or death.
(Prior Code, § 120.48) (Ord. 1552, passed 3-11-1946)