Attached to the license application shall be a liability insurance policy, issued for the life of the license applied for or longer, by a responsible insurance company, approved as to sufficiency by the Manager and as to legality by the Municipal Attorney, covering the taxicab and its owner and operator for liability for loss resulting from the operation of each taxicab to the extent of one hundred thousand dollars ($100,000) for injury or death of one person in any one accident, three hundred thousand dollars ($300,000) for injury or death of more than one person in any one accident, and fifty thousand dollars ($50,000) for property damage caused in any one accident. In lieu of the policy or policies of insurance described herein, the applicant may furnish a bond binding the principal and sureties to liability for damages to the extent of five hundred thousand dollars ($500,000) for injury or death of one person in any one accident, one million dollars ($1,000,000) for injury or death of more than one person in any one accident, and one hundred thousand dollars ($100,000) for property damage caused in any one accident, with at least two approved personal sureties or one corporate surety, approved as to sufficiency by the Manager and as to legality by the Municipal Attorney.
(Ord. 9-94. Passed 4-25-94.)