No person shall operate a public vehicle, nor shall any license be issued hereunder, until and unless the applicant for such license deposits with the Police Chief either of the following:
(a) A bond of the applicant with a solvent and reasonable surety company, authorized under the laws of the State, as surety thereof, acceptable to and approved by the Mayor and the Director of Law, such bond to be conditioned that the applicant will pay all final judgments recovered against such applicant in the sum of at least three hundred thousand dollars ($300,000) composite single limit for injury to one or more persons and one hundred thousand dollars ($100,000) for property damage, in any one accident, through the operation of the public vehicle of the applicant. Such bond shall contain a further provision obligating the surety company to give ten days written notice to the Mayor before cancellation of the bond. The license shall expire on the lapse or termination of the bond.
(Adopting Ordinance)
(b) A policy or certificate of liability insurance for each public vehicle for which a license is sought, acceptable to and approved by the Mayor and Director of Law, indemnifying the applicant in the sum of at least three hundred thousand dollars ($300,000) composite single limit for injury to one or more persons and one hundred thousand dollars ($100,000) for property damage, in any one accident, through the operation of the public vehicle of the applicant. The policy shall further contain a clause obligating the insurance company to give ten days written notice to the Mayor before cancellation of the policy. The license shall expire upon the lapse or termination of the policy of insurance.
(Ord. 269-1988. Passed 12-5-88.)
(c) In lieu of the surety bond or the policy or certificate of liability insurance provided for in subsections (a) and (b) hereof, the applicant for such license may enter into an agreement with the City, to be prepared to the satisfaction of the Director of Law, that such applicant or licensee shall pay all final judgments recovered against him and/or the driver of any such public vehicle within the limits provided for in subsections (a) and (b) hereof. Such limits shall be construed, however, to limit the liability of the applicant, licensee and/or driver only for the purposes of such agreement;
(d) In the case of public vehicles already licensed by any other municipality in Cuyahoga County and for which either a bond, policy of liability insurance or security agreement of the kind and character above described has been filed with such other municipality, it shall be sufficient if such licensee or applicant shall file a copy thereof with the Police Chief, provided that such bond, policy of liability insurance or security agreement provides protection in limits at least equal to those described in this section, and, in the opinion of the Director of Law, protects persons or property injured or damaged by the operation of such public vehicles within or from the City.
(Ord. 10505. Passed 12-6-54.)