(A) Except as provided in division (E) below, no sticker for a taxicab shall be issued until the owner shall file with the Finance Department a valid policy of accident insurance in some good and solvent incorporated insurance company licensed and admitted to do business in the state.
(B) The insurance policy shall continuously cover each and every taxicab owned, operated or leased by the applicant and by which the insurance company shall be liable in the sum of not less than $50,000 of any one accident resulting in bodily injuries to or the death of one person, and not less than $100,000 total liability on account of any one accident resulting in bodily injuries to or the death of more than one person regardless of whether the taxicab was being driven by the owner, his or her agent or lessee. The policy shall provide that the insurance company shall be liable in the sum of $25,000 for any and all property damage which may occur by reason of the negligence or careless operation of any taxicab covered by the policy, regardless of whether the taxicab was being driven by the owner, his or her agent, lessee or licensee.
(C) The accident insurance policy shall provide that insolvency or bankruptcy of the insured shall not release the insurance company from any payment due under the policy. If, by reason of insolvency or bankruptcy, an execution on a judgment against the insured is returned unsatisfied, the judgment creditor shall have a right of action against the insurance company to cover the amount of the judgment to the extent that the insured would have had to recover against the company had the insured paid the judgment.
(D) (1) The city shall be notified at least 30 days prior to the cancellation, expiration and/or change of insurance policy or coverage.
(2) A copy of the policy or policies for liability and property damage shall be submitted to the Finance Department prior to the issuance of a taxicab sticker.
(3) All insurance policies shall be kept in full force and effect by the applicant at all times.
(4) Insurance carriers shall notify the city if there is a change in coverage for vehicles that have received a taxicab sticker from the city.
(5) Failure to file such policies with the Finance Department shall automatically suspend the validity of the taxicab sticker until such time as the insurance policy or policies are submitted and approved by the Finance Department.
(E) The owner of any taxicabs may, in lieu of carrying liability insurance as provided in divisions (B) and (C) above, deposit and maintain a bond with corporate surety approved by the office of the City Solicitor, in the sum of not less than $100,000, running to the city, conditioned that, in the event of any injury or damage to any person or property growing out of the negligence of any taxicab owned or operated or leased by the insured, the person so injured in his or her person or property shall have a right of action thereon in the sum of not more than $100,000 total liability on account of any one accident resulting in bodily injuries to or the death of more than one person and in the sum of not less than $25,000 for any and all property damage, and regardless of whether the driver of the taxicab at the time of the accident or accidents is the owner, his or her agent or lessee.
(F) (1) A taxicab operator shall submit to the Finance Department a report on any accident involving the operation of a taxicab that results in death or injury to a person or damage to a vehicle or other property exceeding $500.
(2) The taxicab operator shall submit the report on a form prescribed by the Finance Department not later than the fifteenth day of the month following the day of the accident.
(1984 Code, § 111.273) (Ord. O-40-04, passed 6-22-2004; Ord. O-70-04, passed 12-7-2004) Penalty, see § 119.999
Statutory reference:
Bonding and liability insurance requirements for taxicab operators, see KRS 281.655