(a) No Certificate shall be issued, nor shall any taxicab be operated on
the streets of the City until such taxicab company shall have filed with the Director a casualty insurance policy in an insurance company having A-A rating in the current issue of Best's Rating Book, subject to the approval of the Director. Such policy shall indemnify such taxicab company in the sum of at least one hundred thousand dollars ($100,000) for injury or death to one person and three hundred thousand dollars ($300,000) for injury or death to more than one person in the same accident, and fifty thousand dollars ($50,000) for property damage in any one accident through the operation of the taxicab of such company.
(b) Such policy shall further contain a clause obligating the casualty company to give ten days' written notice to the Director before cancellation of such policy.
(c) In the case of public vehicles already licensed by a municipality abutting the City and for which a bond, policy or certificate of liability insurance or a security agreement has been furnished to the municipality issuing such license, it shall be sufficient for the owner or operator of such public vehicle to file a copy of such policy of insurance, bond of indemnity or security agreement with the Director of this City; provided, however, that such policy of insurance, bond of indemnity or security agreement be approved by the Director and the Director of Law of this City which approval shall not be given unless the terms of the policy of insurance, bond of indemnity or security agreement are such as will protect passengers or persons or property injured or damaged by the operation of such public vehicle in the City, and nothing herein contained shall be deemed to be a waiver of the ten days' written notice to the Director before cancellation of any such policy of insurance or of such indemnity bond or security agreement not a waiver of the right of the Director to order the owner of such public vehicle to replace such policy of insurance, bond of indemnity or security agreement.
(Ord. 92-1976. Passed 9-13-76.)