(A) All vehicles licensed under this chapter must be covered by a public liability insurance policy that will indemnify anyone injured by anyone operating the vehicle. The public liability insurance shall be in an amount not less than $100,000 combined limit coverage for personal injury and property damage. The policy shall contain the same substantive provisions as required of common carriers under the forms prescribed by the Federal Highway Administration at 49 CFR 387.39. The policy shall remain in effect continuously until terminated. The policy shall provide that cancellation may be effected only by the insurer providing 45 days’ prior written notice to the Town Building Commissioner at 107 South Holland Street, Edinburgh, Indiana; provided, in the event of cancellation for nonpayment of premium, the cancellation may be effective on ten days’ prior written notice, such ten days being measured from the Town Building Commissioner’s receipt of the notice.
(B) The insurance requirements of this section may be satisfied by a certificate of self-insurance, in an equivalent amount, issued by the Bureau of Motor Vehicles of the State of Indiana.
(Ord. 2014-10, passed 5-27-14)