(A) During the term of a permit issued pursuant to this chapter, the permittee or owner of a taxicab authorized by the permit shall maintain in full force and effect at no cost to the City a comprehensive auto and commercial general liability insurance policy. Said policy shall be issued by an admitted insurer or an insurer deemed acceptable by the Board of Public Safety or an insurer as defined by state laws and shall provide the following:
(1) Commercial general liability coverage in an amount no less than $1,000,000 single limit per occurrence;
(2) Auto liability coverage in an amount no less than $300,000 combined single limit per occurrence;
(3) Uninsured liability coverage in an amount no less than $60,000;
(4) Underinsured liability coverage in an amount no less than $50,000;
(5) That the City, its officers, employees and agents are to be named as additional insureds under the policy;
(6) That the policy will operate as primary insurance and that no other insurance effected by the City or other named insured will be called on to contribute to a loss covered thereunder;
(7) Coverage for all losses and damages as specified in § 116.25 and;
(8) That the insurance policy on file shall contain a provision stating that no cancellation, change in coverage, or expiration by the insurance company or the insured shall occur during the term of the taxicab vehicular permit, without 15 days written notice to the Board of Public Safety prior to the effective date of such cancellation or change in coverage.
(B) A certificate of insurance policy required by division (A) shall be presented to the Board of Public Safety at the time of making application for permits and at the time of inspection as set out in § 116.20 of this chapter.
(C) In the event of failure of any owner to obtain or maintain in effect such deposit or such insurance policy, the Board of Public Safety and/or its agent shall immediately suspend the permit and/or license and provide written notice of this suspension to the permit and/or licensee holder. The permit and/or licensee holder may pursue its remedy pursuant to § 116.56 of this chapter.
(Ord. G-30-90, passed 12-18-90; Am. Ord. G-33-02, passed 11-26- 02; Am. Ord. G-9-16, passed 7-12-16)