(a) A licensee shall procure, or cause to be procured, and keep in full force and effect, and shall keep on file with the director, a policy of comprehensive general liability insurance and garage insurance, or a certificate of insurance, issued by a casualty insurance company authorized to do business in this state and in the standard form approved by the board of insurance commissioners of the state. The insured provisions of the policy must include the city, and its officers and employees, as insureds and the coverage provisions must insure the public from loss or damage that may arise to any person or property by reason of the operation of a valet parking service by the licensee.
(b) The comprehensive general liability insurance must be on a broad form and provide limits of liability for bodily injury and property damage of not less than $300,000 combined single limit, or the equivalent.
(c) The garage insurance must provide limits of liability for bodily injury and property damage of not less than $300,000 combined single limit, or the equivalent, and must provide the following coverages:
(1) Comprehensive and collision coverage for physical damage.
(2) Coverage for vehicle storage.
(3) Coverage for a vehicle driven by or at the direction of the licensee.
(d) The insurance policy required by Subsection (a) of this section shall contain an endorsement which provides for 10 days’ notice to the director in the event of any material change or cancellation of the policy. (Ord. 19190)