No person shall operate a public hack or other vehicle kept for hire or permit such to be operated, nor shall any license be issued hereunder until the applicant for a license deposits with the Director of Public Safety a policy or a certificate of liability insurance for each hack for which a license is sought, acceptable to and approved by Council and the Director of Law, indemnifying the applicant in the sum of at least fifty thousand dollars ($50,000) for injury to one person, one hundred thousand dollars ($100,000) for injury to more than one person and ten thousand dollars ($10,000) for property damage in any one accident through the operation of the public hack of the applicant. The policy shall further contain a clause obligating the insurance company to give ten days written notice to Council before cancellation of the policy and shall further contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon. Any license granted pursuant to Section 751.09 shall expire immediately upon the lapse or termination of the policy of insurance required by this section.
(Ord. 2000-096. Passed 9-26-00.)