No license to operate any public vehicle shall be issued or renewed by the City Manager, and it shall be unlawful to operate any such public vehicle or to permit the same to be operated unless and until the applicant shall deposit with the Finance Director a liability policy of insurance issued by a responsible insurance company, approved as to sufficiency by the Finance Director and as to legality by the City Solicitor, providing indemnity for or protection to the insured against loss in the amounts herein set forth and agree to pay within the limits of the amount so fixed to any judgment creditor, and for damages to or destruction of property sustained during the term of the policy by any person other than employees of the assured, resulting from negligent operation, maintenance or use of such licensed public vehicle. The insurance policy shall be valid and effective for no less a period than that for which the license is issued, except it shall be the privilege of the insurer to give to the Finance Director at least ten days written notice of its intention to cancel and revoke the policy, whereupon the license shall be temporarily suspended and before the expiration of such period, and if no such successor policy be filed for such purpose, the license shall remain suspended until an acceptable policy shall be so filed.
(Ord. 13-1962, passed 3-6-62)