(A) Before any license for taxicab is issued, the owner shall file with the Board of Public Works and Safety of the city an insurance policy or satisfactory written evidence thereof, issued by an insurance company duly licensed to and doing business in the state and to be approved by the Board of Public Works and Safety, such policy to provide insurance coverage for each taxicab owned, operated or leased by the applicant with a minimum limit of liability of $100,000 for the injury or death of one person and $300,000 for injury or death of any number of persons in any one accident, and a minimum limit of liability for property damage in the amount of $100,000 in any one accident, regardless of whether the taxicab was driven by the owner, or his lessee.
(C) This policy shall further provide that insolvency or bankruptcy of the insured shall not release the insurance company from any payment due under the policy and if by reason of such insolvency or bankruptcy an execution on a judgment against the insured is returned unsatisfied, the judgment creditor shall have the right of action against the insurance company to recover the amount of the judgment to the same extent that the insured would have recovered against the company had the insured paid the judgment.
(D) The policy shall further provide that it cannot be canceled with less than 30 days notice of such cancellation having been theretofore given to the Board of Public Works and Safety.
(Ord. 5-1986, passed 3-10-86; Am. Ord. 4-1995, passed 2-13-95) Penalty, see § 10.99