(a) No person or company shall be granted a license to operate a ridesharing vehicle, and no ridesharing vehicle shall be operated on the public streets, and places of the City, unless the person or company first files with the Director of Public Safety and Service an insurance policy or bond executed by a surety company authorized to do business in the State, or by one or more personal sureties approved as to sufficiency by the City Auditor, and as to form and legality by the Law Director. All personal sureties must be residents of the County and the sureties must be the owners of real estate located in the County which is liable to execution in a sum, in excess of all encumbrances, that is double the highest sums and double the total of all sums required under this section. The personal surety must present evidence of title and value to the City Auditor showing these qualifications in each instance. The amount of the insurance policy or bond shall be the minimum required by the State of Ohio.
(b) The insurance policy required by subsection (a) hereof may provide for cancellation by the insurer upon written notice to the City Auditor, but this provision shall not be construed to waive any lawful notice which the insurer must give to the insured. On cancellation, the license covered by the policy shall be revoked by the Mayor.
(c) Such policy shall contain a clause obligating the insurance company to give at least ten days written notice to the Safety-Service Director before any cancellation, change of coverage of the policy or change of vehicles covered by the policy. any license issued pursuant to the provisions of this chapter shall be immediately revoked by the Safety-Service Director upon the cancellation, lapse or termination of the policy of insurance, or change of coverage without notice to the City. A license revoked for failure to maintain coverage or cancellation of insurance coverage shall not be reinstated by the Safety-Service Director, until the applicant complies with all original licensing requirements of this chapter.
(d) The City of Coshocton shall be named as an additional insured on all insurance policies required under this section.
(Ord. 5-21. Passed 3-22-21.)