(a) No person shall operate a public hack or other vehicle kept for hire or permit such to be operated, nor shall any license be issued until the applicant deposits with the Commissioner of Assessments and Licenses the following:
A policy or certificate of liability insurance for each hack for which a license is sought, acceptable to and approved by the Commissioner and the Director of Law with the following limits: one hundred thousand dollars ($100,000.00) per person, three hundred thousand dollars ($300,000.00) per vehicle, and one hundred thousand dollars ($100,000.00) for property damage, or a combined single limit policy of three hundred thousand dollars ($300,000.00). The license shall expire upon the lapse or termination of the policy of insurance;
(b) Such policy of insurance shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon. If at any time, in the judgment of the Commissioner, the policy is not sufficient for any cause, the Commissioner may require the owner of such public hack to replace such policy with another approved by the Commissioner and the Director of Law;
(c) A self-insured retention plan that is equivalent or better, in the judgment of the Commissioner of Assessments and Licenses, than the insurance described in this section may be accepted by the Commissioner in lieu of a policy or certificate of insurance.
(Ord. No. 599-11. Passed 6-6-11, eff. 6-13-11)