No person shall engage in the business of operating a taxicab or operate or permit the same to be operated until such person deposits with the Director of Finance a policy or certificate of liability insurance for each vehicle for which a license is applied, for, acceptable to and approved by the Director of Law, indemnifying the applicant in the sum of two hundred thousand dollars ($200,000) for injury to one (1) person, five hundred thousand dollars ($500,000) for injury to more than one (1) person and ten thousand dollars ($10,000) for property damage in any one (1) accident for the operation of each taxicab for which the license is applied. The policy shall contain a clause obligating the surety company or insurance company to give ten (10) days' written notice to the Mayor before the lapse, expiration or termination of such policy or policies, and if the same or any of them are allowed to lapse, the license to operate shall immediately expire.
(A.O.; Ord. 153-2021. Passed 12-6-21.)