(A) (1) Every operator shall carry general and auto liability and property damage insurance with solvent and responsible insurers authorized to transact business in the state, to secure payment for any loss or damage resulting from any occurrence arising out of or caused by the operation or use of any of the operator's motor vehicles. Such insurer shall be rated by Best's Insurance Guide, published by the Alfred M. Best Company, New York, latest edition. Such insurer shall have a minimum general policy holder rating of "A" and a minimum financial rating of "AAAA."
(2) Each vehicle shall be insured for the sum of at least $100,000 for injuries to, or death of any one person arising out of any one accident and the sum of at least $300,000 for injuries to, or death of more than one person in any one accident, and for the sum of at least $50,000 for damages to property arising from any one accident.
(3) Every insurance policy or contract for such insurance shall provide for the operator and person insured, or any person driving in the insured vehicle. Such insurance shall be obtained and certificates of insurance shall be filed with the City Clerk before a license or permit shall be issued.
(B) All such certificates of insurance shall provide for a 30-day cancellation notice to the City Clerk.
(Ord. 281, passed 4-18-67) Penalty, see § 110.99