(a)    No license to operate a taxicab shall be issued or renewed by the City Manager, and no person shall operate any taxicab, or permit any taxicab to be operated, unless and until the applicant shall deposit with the Clerk a policy of liability insurance issued by a responsible insurance company. Such policy must be approved as to sufficiency by the Treasurer and as to legality by the Solicitor and shall provide indemnity for the insured against loss, and shall agree to pay to any judgment creditor any final judgment rendered against the insured by reason of the insured's liability to pay damages to others for bodily injuries, including death, and for damage to property sustained during the term of such policy by any person other than employees of the insured, which result from the negligent operation, maintenance or use of such licensed taxicabs.
   (b)    Such liability insurance policy shall indemnify the taxicab operator according to the amounts listed in Ohio R.C. 4509.51(B).
   (c)    In lieu of a policy of insurance provided for in subsection (a) hereof, the applicant may furnish a bond executed by a surety company authorized to do business in the State, or by two personal sureties, approved as to sufficiency by the Treasurer and as to legality by the Solicitor, holding and binding the principal and sureties to the same liability as in the case of the insurance policies provided for herein. It shall also be permissible for the applicant to furnish insurance for personal injuries, including death, and an indemnity bond as to property damages, or to furnish an indemnity bond for personal injuries, including death and insurance as to property damages.
(Ord. 1296. Passed 3-3-50. )