(a) Every licensee must comply with all applicable insurance requirements mandated by Federal, State of Illinois, and City laws.
(b) Except for licensees that have surrendered their licenses to the City or that have submitted an affidavit ascertaining that they have suspended operations, each applicant for the issuance or renewal of a pedicab license shall provide proof that the applicant has commercial general liability insurance, issued by an insurer authorized to insure in Illinois, to secure payment by the applicant of any final judgment or settlement of any claim against the applicant, chauffeurs, employees, or lessees of the applicant's pedicab business resulting from any occurrence arising out of or caused by the operation or use of any of the applicant's pedicab(s). Every insurance policy or contract for such insurance shall name the City as an additional insured on a primary, noncontributory basis for any liability arising directly or indirectly from the licensee's operations.
(c) Such insurance policy shall provide at least the following minimum coverage for each pedicab: $300,000 per occurrence for bodily injury, personal injury and property damage. In addition, worker's compensation coverage must be provided as required by state law.
(d) Any insurance policy required by this section must be in a form satisfactory to the Commissioner and must provide that the policy will not be cancelled and the amount of coverage will not be changed unless at least 30 days' prior written notice except 10 days' prior written notice for non-payment of premium is given to the Commissioner.
(e) A licensee's failure to comply with this section may result in the revocation or suspension of his pedicab license.
(Added Coun. J. 4-30-14, p. 80633, § 1; Amend Coun. J. 10-8-14, p. 92379, § 1; Amend Coun. J. 10-28-15, p. 11951, Art. VI, § 24; Amend Coun. J. 11-16-16, p. 37901, Art. II, § 23; Amend Coun. J. 6-25-21, p. 31925, Art. VI, § 5)