723.08 BOND; INSURANCE.
   Every licensee hereunder, except as hereinafter provided, shall furnish and file with the City Clerk a good and sufficient indemnity bond, to the approval of the City Clerk, and also to the approval of the City Solicitor as to form, with limits of liability of ten thousand dollars ($10,000) for each person, and subject to that limit for each person, and one hundred thousand dollars ($100,000) for each accident, and no person shall operate any such motorbus without having given sufficient indemnity bond as herein specified. Such indemnity bond shall be kept and maintained, as hereinafter provided, at the amounts set forth during the whole time of operation of such motorbus and until every claim against such licensee for damage, injuries or death incurred or suffered by property or person through neglect or wrongful act in the operation of such motorbus is completely satisfied. Such bond shall be conditioned to the effect that in the event of any person or property being injured or damaged or any death being caused by neglect or wrongful act in the operation of any motorbus owned or operated by the licensee filing such bond, the person so injured in person or property, or the legal representatives of any such deceased person, shall have a right of action thereon, and that the bond shall remain in full force until such claim is settled, and such bond shall contain express provisions to the effect that such bond shall not become void upon first recovery, but may be sure upon and recovery had from time to time until the full amount is exhausted.
   In case of recovery against or payment of damages by the surety upon any such bond, the principal shall at once give additional bond in the amount paid or recovered, to the end that there shall be at all times the principal sum hereinbefore specified available for the compensation for death or wrongful act, for injuries and for property damages in the sum hereinafter stated. However, in lieu of the giving of such bond, every licensee hereunder at his option, may file with the Clerk a liability insurance policy with limits of liability of ten thousand dollars ($10,000) for each person, and subject to that limit for each person, and one hundred thousand dollars ($100,000) for each accident, for one operation of each motorbus, such policy to be written by an insurance or liability company authorized to carry on business and write such insurance in Ohio.
   Such policy shall be acceptable to and be approved by the Clerk and by the City Solicitor as to form, and it shall be unlawful to operate any motorbus until such policy is filed, accepted and approved as aforesaid, or bond is given as above provided. The policy shall be kept and maintained, as hereinafter provided, at the amount herein specified during the whole time of operation of any such motorbus, and until satisfaction is made of every claim against the licensee for injuries, damages or death by neglect or wrongful act sustained by any person not an employee of such licensee or by property belonging to anyone other than an employee of the licensee.
   Such insurance policy shall contain the following provisions:
   (a)    The insurer desiring to cancel such policy shall give notice thereof in writing to the Clerk not less than ten days prior to such proposed cancellation, and
   (b)    Until ten days after such written notice is given by the insurer to the Clerk, such policy shall be and remain in full force and effect.
   Such policy shall contain a further provision that the insolvency or bankruptcy of the licensee so insured shall not release the insurer from the payment of damages for injuries sustained, or death by wrongful act or loss incurred, including damage to the property of anyone other than the licensee or an employee of the licensee, and that in case of execution against the insured, licensee is returned unsatisfied in any such action on account of damage for injuries or death, or damages to property, then an action may be maintained by such injured person or his personal representative, or by any person sustaining damage or any person entitled to sue for death by wrongful act against the insurance company for the amount of the judgment in such action not exceeding the amount of the policy, and further, that the policy may be sued upon at any time in accordance with the laws of the State, provided that any bond or insurance policy given pursuant to this section shall be sufficient if it provides for property damage in a sum not less than ten thousand dollars ($10,000), but nothing herein shall be construed as a modification of this section, except as pertains to the amount of the property damage protection to be given.
(Ord. 1-53. Passed 1-5-53.)