(A) Before any taxicab license is issued, the applicant therefor shall furnish one or more policies of insurance, prepaid for at least the period of the license, issued by responsible insurance companies providing indemnity for the insured in the amounts specified in this section, and agreeing to pay, within the limits of such amounts on behalf of the insured, all sums which the insured shall become obligated to pay because of the liability imposed upon the insured by law, for damages because of bodily injury, including death, at any time resulting therefrom or for damages to property or both, sustained by any person other than the employees of the insured, and caused by accident, and arising out of the ownership, maintenance or use of the licensed taxicab.
(B) The minimum amount of such insurance coverage as to any one licensed taxicab shall be the current industry standard as determined by the City Clerk or other competent authority.
(C) Every such insurance policy shall contain a clause obligating the insurer or surety to give the City Clerk, by registered mail, at least 10 days written notice before the cancellation, expiration, lapse or other termination of such insurance or bond, or the withdrawal of surety from any such bond.
(1993 Code, § 74-43) (Ord. passed 6-26-2006)