(A) Before any license for a taxicab shall be issued, the owner shall file with the Clerk-Treasurer an insurance policy issued by an insurance company licensed to do business in the state and approved by the Common Council, providing insurance coverage for each and every vehicle owned, operated, or leased by the applicant with a minimum liability of $15,000 per person, $30,000 per accident, and $10,000 property damage, regardless of whether the vehicle was driven by the owner, his agent, or lessee.
(B) The policy shall provide that insolvency or bankruptcy of the insured shall not release the insurance company from any payment due under the policy, and if by reason of bankruptcy or insolvency an execution on a judgment against the insured is returned unsatisfied the judgment creditor shall have a right of action against the insurance company to recover the amount of the judgment to the same extent that the insured would have had to recover against the company had the insured paid the judgment.
(C) The policy shall provide that it cannot be cancelled until 30 days notice of cancellation shall have been given to the Common Council.
('75 Code, § 19.08) (Ord. 3-397, passed 4-24-41) Penalty, see § 111.99