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(A) Before any license for a taxicab business shall be issued, the owner shall file with the city clerk an insurance policy issued by an insurance company licensed to do business in this state, providing insurance coverage for each and every taxicab owned, or leased or operated by the applicant against liability upon the owner to a minimum of $300,000 for bodily injury to, or death of, any person, and $100,000 for damage to property for each motor vehicle operated under the provisions of this section, regardless of whether the taxicab was being driven by the owner, his agent, employee, lessee or licensee.
(B) Such policy shall further provide that insolvency or bankruptcy of the insured shall not release the insurance company from any payment due under such 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 a right of action against the insurance company to recover the amount of such judgment to the same extent that the insured would have had to recover against the company, had the insured paid the judgment.
(C) The policy shall further provide that it cannot be cancelled until 30 days' notice of such cancellation shall be given to the city clerk.
(D) The cancellation or other termination of any insurance policies issued for or in compliance with the provisions of this section shall automatically terminate any license issued for the taxicab covered by such insurance policy, unless another policy complying with the provisions of this section shall be provided and in full force and effect at the time of such cancellation or termination.
(Ord. 8242, passed 4-2-02; amend. Ord. 8373, passed 6-1-04) Penalty, see § 10.99