No license shall be issued under this division until the applicant for a license deposits with the City Clerk a prepaid policy or certificate of liability insurance for each taxicab or motor vehicle for hire, for which a license is sought. Such policy or liability insurance to be accepted and approved by the Chief Legal Officer and issued by a company authorized to do business in the State, indemnifying applicant in the sum of at least $100,000 for injury or death to one person or $300,000 for injury or death to more than one person and $10,000 property damage in any one accident through the operation of the vehicle of the applicant. The policy of insurance shall contain a clause obligating the company issuing same to give ten (10) days written notice before cancellation to the City Clerk. The license for the operation of such vehicle to expire upon the lapse or termination of such policy of insurance. Any licensee under this division may deposit with the City Clerk, a deductible policy or certificate of liability insurance with not less than the maximum amounts listed above, conditioned upon the licensee’s depositing with the City Clerk a certificate of indemnity in which licensee agrees to indemnify all persons suffering claims for personal injuries or property damage, or both, up to the amount of the deduction mentioned in such insurance policies; and, further conditioned upon the licensee filing with the City Clerk an up-to-date, sworn financial statement, which shall be approved by the City Clerk and Director of Finance as showing a sufficient net worth that, in their opinion, will indemnify all persons suffering claims for personal injuries or property damage, or both, up to the amount of the deduction of such policies of insurance.
(Ord. 347, passed 6-26-1930; Ord. 1245, passed 1-10-1955; Ord. 3783, passed 12-13-2010)