(a) No certificate shall be issued, nor shall any taxicab be operated on the streets of the City, until such taxicab company shall have filed with the Mayor a casualty insurance policy, issued by an insurance company authorized to do business in the State of Ohio, subject to the approval of the Mayor. Such policy shall indemnify the taxicab company in the sum of at least five hundred thousand dollars ($500, 000) for injury or death to one person and one million dollars ($1, 000, 000) for injury or death to more than one person in the same accident, and one hundred thousand dollars ($100, 000) for property damage in any one accident, involving the operation of the taxicab of such company.
(b) The policy shall further contain a clause obligating the insurance company to give ten days' written notice to the Mayor before cancellation of such policy.
(c) In lieu of the casualty insurance policy provided for herein, an applicant for such certificate may submit to the Mayor a proposal for any other form of indemnity. If acceptable to the Mayor, it shall be submitted by him to Council for approval.
(Ord. 6926-1986. Passed 10-21-86.)