(A) (1) Before a license for a taxicab shall be issued, the owners shall file with the Clerk-Treasurer a certificate issued by a duly authorized officer of an insurance company authorized to do business in the state to the effect that an insurance policy for each specific taxicab has been issued to the applicant and is in full force and effect, and shall show the amount, the effective date, the expiration date and that the premium has been paid. A true copy of the policy shall also be filed.
(2) This policy shall be kept in effect during the life of the license, and failure to do so shall serve to automatically revoke any such license.
(B) Such policy shall provide coverage for liability of a minimum of $100,000 for the injury or death of any one person and, subject to the same limit per person, a minimum liability of $300,000 for the injury or death of any number of persons in any one accident, and a minimum liability of $50,000 for property damage in any one accident.
(Prior Code, § 44.06) (Ord. 5-89, passed 5-8-1989; Ord. 13-90, passed 12-10-1990)