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No license to operate any taxicab shall be issued, and it shall be unlawful to operate or permit the operation of any such taxicab unless and until the owner of the same shall deposit with the Secretary of the Board a certificate of insurance which shall set forth the name of an insurance company or companies duly licensed to transact business in the State of Ohio, the policy number, limits of coverage, exclusions from coverage, if any, effective date and expiration date, and it shall further provide that, in the event an insurance company or companies cancel or refuse to renew or continue the insurance coverage or in the event of any material change, then the insurance company or companies shall give ten (10) days’ written notice of such cancellation, refusal to renew or material change.
The owner of all taxicabs operating in the City and any person operating the same shall be insured against loss resulting from legal liability for property damage resulting from the use of such taxicab or taxicabs in an amount not less than ten thousand dollars ($10,000) for each taxicab, and every owner or operator of taxicabs in the City shall be insured against loss resulting from legal liability for damages caused by bodily injury, including death, resulting from the use of such taxicab in an amount not less than fifty thousand dollars ($50,000) for the injury or death of one person and not less than one hundred thousand dollars ($100,000) for injuries or death to more than one person caused by any one accident, for each taxicab. Said insurance coverage must be kept in full force and effect during the entire period for which a license is issued.
(Ord. 119-71. Passed 10-26-71.)