(a) Every applicant for a taxicab owner/operator license, as required by Section 773.06, shall exhibit and file with the Mayor a policy or certificate of commercial liability insurance for each taxicab for which a license is sought, issued by an insurance company licensed and admitted to do business in the State of Ohio.
(b) The policy or certificate of liability insurance must cover both passengers and third parties and shall “pay on behalf of” the insured:
(1) Provide uninsured and underinsured motorist coverage of not less than state minimum coverage as prescribed by Ohio law;
(2) Deleting any exclusions, limitations or exceptions as follows: "when the vehicle is being used as a public livery or conveyance";
(3) The policy or certificate shall further contain a warranty by the insurance company that in the event of any cancellation, non-renewal or material change in the terms and conditions of such policy, the Mayor shall be given at least ten days advance notice in writing;
(4) The policy shall remain in full force and effect during the entire licensing period;
(5) The policy shall further provide that the insolvency or bankruptcy of the insured shall not release the insurance company from payment required to be made by the policy otherwise, but shall remain in full force and effect, and available to any person damaged the same as though the licensee was not insolvent or bankrupt;
(6) The policy shall be renewed annually to the satisfaction of the Mayor.
(7) The City/Mayor/Mayor’s designee must be notified if any change(s) in liability insurance status occurs.
(Ord. 44, 2007. Passed 11-5-07.)