Before any license is issued, the applicant shall file with the City Controller an insurance policy issued by a solvent insurance company, licensed to do business in the State of Indiana, and approved by the Controller, providing insurance coverage for each and every taxicab to be licensed, providing a maximum liability of $500,000 for property damage or the injury or death of any number of persons in any 1 accident. The policy shall further provide that insolvency or bankruptcy of the insured shall not release the insurance company from any payment due under the policy, and if, by reason of the insolvency or bankruptcy, an execution upon a judgment against the insured for personal injuries, death or property damage is returned unsatisfied, that the judgment creditor shall have a right of action directly against the insurance company to recover the amount of the judgment to the same extent that the insured would have had to recover against the company had the insured paid the judgment. The policy of insurance shall be so written as to indemnify passengers for loss or damage to property in transportation and to cover the passengers against loss or damage to property and baggage being transported in the taxicab, and shall cover loss to passengers or to the public by reason of damage to property, or injury or death to persons by reason of the defective condition or construction of any taxicab, and shall contain a further condition for continuing liability thereunder, notwithstanding any recovery thereon or any payment made on account thereof. The policy shall further provide that it cannot be cancelled until 30 days written notice of cancellation is given to the City Controller, and to the insured, by the insurance company. If the licensee shall fail to provide within 30 days another policy of insurance complying with this chapter, then the license shall automatically become void and of no effect, and the license check and license shall be surrendered to the Controller.
(1979 Code, § 116.10) (Ord. 1355, passed 7-21-1943; Am. Ord. 1365, passed 10-20-1943; Am. Ord. 1828, passed 7-7-1960; Am. Ord. 3746, passed 9-8-1986) Penalty, see § 116.99