(a) Every applicant for a taxicab owner’s license shall, prior to operating any taxicabs, submit proof of liability insurance coverage with a company licensed to do business in the State of Ohio in such form as is satisfactory to the Chief of Police, but not less than one hundred thousand dollars ($100,000) for bodily injury and property damage, and naming the City as the certificate holder. Applicants who possess an Ohio Self Insured Certificate may present said certificate to the Chief of Police for his consideration. The policy or Self Insured Certificate shall remain in full force and effect during the entire licensing period.
(b) The policy shall further provide that the insolvency or bankruptcy of the insured shall not release the insurance company from payment required to be made by the policy otherwise, but shall remain in full force and effect, and available to any person damaged the same as though the licensee was not insolvent or bankrupt.
(c) The policy shall provide in addition to the aforesaid provisions, that no notice of any acts creating any liability thereunder shall be required from the City; that the policy shall not be cancelled before ten days written notice of intention so to cancel has been given the Chief of Police; and that the policy shall not be revocable, but shall remain in full force and effect until ten days have elapsed from the date of service of the written notice.
(d) The policy shall be renewed annually to the satisfaction of the Chief of Police.
(Ord. 24-94. Passed 7-5-94.)