(A) Each applicant for a license as provided in this chapter shall file with his or her application a liability insurance policy or bond. The insurance policy or bond shall be approved by the Board of Public Works and Safety before the City-Treasurer shall issue a license to such applicant. The Board of Public Works and Safety shall consult with the Chief of Police as to the fitness of any application before granting the applicant's request for a license.
(B) The bond or insurance policy required by this chapter shall be as follows:
(1) For any and all liability for property damages:
Limit $50,000
(2) For any and all bodily injury:
Limit for 1 person $100,000
Limit for 1 accident $300,000
(C) Should the corporate surety of any bond or insurer, as herein provided, become insolvent during the existence of any license or should such surety or insurer withdraw from the bond or remove from the jurisdiction of the Whitley County Circuit Court, such insolvency, withdrawal, or removal shall operate as a revocation of such license until a new and sufficient bond or insurance policy is approved in lieu thereof.
(1980 Code, § 113.07) (Ord. 337, passed 3-28-1941; Am. Ord. 551, passed - -1967)