No person shall engage in the business of operating a taxicab or permit same to be operated until and unless the applicant for a license hereunder deposits with the Mayor a policy or certificate of commercial automobile liability insurance for each taxicab for which license is applied for hereunder, acceptable to the Law Director, indemnifying the applicant up to one million dollars ($1,000,000.00) combined single limits commercial policy (and naming the City of Bucyrus as a Certificate Holder on said policy) for damages occurring in the operation of the taxicab. The policy shall further contain a clause obligating the surety company or insurance company writing such policy to give the current industry standard written notice to the Mayor before cancellation of such policy. Upon the lapse, expiration or termination of such policy and insurance, the license issued hereunder shall thereupon expire.
(Ord. 20-2023. Passed 6-6-23.)