(a) No person shall operate a public hack or permit the same to be operated, nor shall any license be issued therefor, until and unless the applicant for a license deposits with the City Manager/Safety Director:
(1) A bond with a solvent and responsible surety company, authorized under the laws of the State, as surety thereof, acceptable to and approved by the
City Manager/Safety Director
, such bond to be conditioned upon the applicant's payment of all final judgments recovered against such applicant up to the sum of one hundred thousand dollars ($100,000) for injury to one person, three hundred thousand dollars ($300,000) for injury to more than one person and fifty thousand dollars ($50,000) property damage in any one accident occurring during the operation of the public hack by the applicant, such bond to contain a further provision obligating the surety company to give ten days written notice to the
City Manager/Safety Director
before cancellation of the bond. Upon the lapse or termination of such bond, the license required under Section 852.03 shall expire; or
(2) A policy or certificate of liability insurance for each hack for which a license is sought, acceptable to and approved by the
City Manager/Safety Director
and the Director of Law, indemnifying the applicant in the sum of at least one hundred thousand dollars ($100,000) for injury to one person, three hundred thousand dollars ($300,000) for injury to more than one person and fifty thousand dollars ($50,000) property damage in any one accident occurring during the operation of the public hack by the applicant. The policy shall further contain a clause obligating the surety company to give ten days written notice to the
City Manager/Safety Director
before cancellation of such policy. Upon the lapse or termination of such policy, the license required under Section 852.03 shall expire.
(b) The bond or policy of insurance required in subsection (a) hereof shall contain a provision for continuing liability to the full amount thereof, notwithstanding any recovery thereon. If at any time in the judgment of the City Manager/Safety Director, such bond or policy is not sufficient for any case, he may require the owner of such public hack to replace such bond or policy with another bond or policy approved by him and the Director of Law.