(A) Any applicant for a license, may, in lieu of carrying any license insurance, deposit and keep on deposit with the City Controller throughout the term of the license, a surety bond executed by a surety company duly admitted to do business in the State of Indiana, approved by the City Controller, and running to the city, in a sum not less than $300,000 conditioned upon the payment of all judgments for injuries or death of persons, and for damage to property or other damages, including baggage of a passenger to the extent of $100,000 for the death or injury of any 1 person, and $300,000 for the death or injury of any number of persons in any 1 accident, and $50,000 for damage to property in any 1 accident. The bond shall be so drawn that it shall be for the use and benefit of any person suffering damages, or their administrators, executors or personal representative in case of death.
(B) No bond so delivered to the Controller shall be cancelled, except as above provided for the cancellation of insurance policies, and the same duties shall be required of the licensee in case of the cancellation of any bond, and the same result shall follow as above provided in case of the insurance policy being cancelled when and if the licensee does not file with the Controller a new bond.
(1979 Code, § 116.11) (Ord. 1355, passed 7-21-1943; Am. Ord. 1365, passed 10-20-1943; Am. Ord. 1828, passed 6-7-1960) Penalty, see § 116.99