(A)   Before the Clerk-Treasurer shall issue a license to operate a taxicab for hire, the licensee shall file with such Clerk-Treasurer a certificate executed by a duly authorized officer of an insurance company authorized to write insurance in the state to the effect that a policy of insurance has been issued to the licensee for such taxicab and is in full force and effect and that the premium has been paid as required thereon, together with a true copy of the policy, contract or certificate of insurance.
   (B)   The policy of insurance for each licensed taxicab shall be the sum of $25,000 conditioned for the payment of any final judgment recovered against such persons for the death or injury of persons caused in the operation, maintenance, use or defective condition of such taxicab and may be limited to the sum of $50,000 to more than one person, and may limit the liability of the insurer to $10,000 for damages to or destruction of property.
   (C)   Any insurance company whose policy has been so filed pursuant to this section may file a notice in the office of the Clerk-Treasurer of its intentions to terminate or cancel such policy of insurance and give notice thereof to the named licensee, whereupon, after ten days from such filing, unless such licensee or owner shall recomply with the provisions of this chapter with respect to insurance, such licensee owner shall cease to operate or cause to be operated in the city such taxicab for hire and the license issued therefor shall be automatically revoked and liability for such insurance shall be ceased and terminated.
   (D)   However, the liability of the insurance company under such cancelled or revoked policy for any act or omission of a licensee or owner occurring prior to the effective date of cancellation shall not be discharged or impaired thereby.
(1989 Code, § 113.05)  (Ord. 5-1966, passed 11-21-1966)  Penalty, see § 113.99