(A) (1) Before any taxicab license is issued, the applicant shall furnish one or more policies of insurance, issued by responsible insurance companies, providing indemnity for the insured in the amounts specified herein, and agreeing to pay, within the limits of those amounts on behalf of the insured, all sums which the insured shall become obligated to pay by reason of the liability imposed upon the insured by law for damages because of bodily injury, including death, at any time resulting therefrom, or for damages to property, or both, sustained by any person other than the employees of the insured, and caused by accident and arising out of the ownership, maintenance, or use of the licensed taxicab.
(2) The minimum amount of the insurance coverage as to any one licensed taxicab shall be as follows.
(a) Due to injury to, or death of, any person in any one accident: $50,000.
(b) Due to any one accident resulting in injury to or death of more than one person: $100,000.
(c) Due to damage to property in any one accident: $5,000.
(‘83 Code, § 114.08)
(B) In lieu of insurance required by division (A) of this section, the licensee may furnish a surety company bond or bonds, in a form to be approved by the City Attorney, in penal sums of not less than the amounts specified for insurance for each taxicab, and binding the principal and surety to the same conditions as are required in insurance policies as set forth in division (A). (‘83 Code, § 114.09)
(C) Every insurance policy or bond shall contain a clause obligating the insurer or surety to give to the City Clerk, by registered mail, at least ten days written notice before the cancellation, expiration, lapse, or other termination of each insurance or bond, or the withdrawal of surety from any bond. (‘83 Code, § 114.10)
(Ord. 71-011, passed 5-3-71) Penalty, see § 10.99