(A) Before any permit shall be issued to any owner of any taxicab as hereinbefore defined or before any renewal or permit shall be granted, the owner shall be required to file with the City Secretary, and to thereafter keep in full force and effect, a policy of public liability insurance executed by an insurance company duly authorized to do business in the state and performable in the county and to be approved by the Council, insuring the public against any loss or damage that may result to any person, persons or property in the operation of such vehicle or vehicles and provided that the maximum amount of recovery in such policy of insurance shall not, as to each and every vehicle, be less than $10,000 for injury or death of one person; and not less than $20,000 for injury or death for more than one person in any one accident; and not less than $5,000 for the injury to or destruction of property in any one accident.
(B) The public liability policy shall further provide that no action shall lie thereon against the insurance company until after a final judgment in favor of the injured or damaged person or persons, and against the owner of the taxicab, not pending an appeal or writ of error, is, and remains unsatisfied.
(C) In the event that the Council shall determine, after a hearing duly had, and after three days' notice given a permit holder, that any insurance given by a permit owner has become impaired, so as to afford less protection to the public than was originally filed, it may require a new or additional policy, so as to bring the protection of said insurance to its original amount, and the permit holder shall, within five days after receiving written notice of such requirement, provided the required new or additional policy, failing which, the permit of said permit holder shall automaticallY terminate. In the event that any insurer may desire to be released from any policy, he may give written notice of such desire to the Council at least ten days before he desires his liability released, and the Council shall thereupon, by personal delivery or by mail, give written notice to any such permit owner and demand that such owner furnish new insurance by the expiration of the ten-day period provided for, and shall discharge such first insurer from any liability which shall accrue after the time of approval of such new policy that said permit holder may file, or shall discharge such first insurer after the expiration of the ten-day period.
(D) In the event any policy be so cancelled, upon the request of the insurer, and no new policy is filed by said permit holder before the cancellation of said original insurance, then the permit to operate taxicabs granted to said permit holder shall be automatically revoked; neither the city nor any officer thereof shall be held liable for the pecuniary responsibility of solvency of any such insurer, or in any manner become liable for any sum on account of any such claim or act of omission relating to any such taxicab, nor shall the liability of any person owning or operating any such taxicab be in any manner limited or changed in connection with this subchapter or such permit or insurance.
('68 Code, § 28-13) (Ord. 4-1974-16, passed 4-9-74) Penalty, see § 117.99