Each application for taxicab license or for the renewal of a taxicab license under the provisions of this article shall be accompanied by:
(a) A certificate from the Secretary of State showing compliance by the licensee, for each taxicab, with the provisions of the statutes of the state now or hereafter in force, relating to the bonding or insuring or motor vehicles used for the carriage of passengers for hire;
(b) A duplicate policy or certificate of insurance for each taxicab, issued by a solvent and responsible insurance company, to be approved by the village manager, conditioned that the licensee or the driver of such taxicab will pay all final judgments recovered against such licensee or such driver for any injury to or death of any person resulting from the negligence of such licensee or his or her agents, or of such driver, in the operation of such taxicabs, in the sum of $50,000 for death or injury to one person and $100,000 for injury to or death or more than one person caused by a single accident; and
(c) (1) A duplicate policy or certificate of insurance, for each taxicab, issued by a solvent and responsible insurance company, to be approved by the village manager, conditioned that the licensee or such driver will pay all final judgments recovered against such licensee or such driver for any property damage resulting from the negligence of such licensee or his or her agents, or of such driver, in the operation of such taxicabs, in the sum of $100,000 for each accident.
(2) Each such duplicate policy or certificate of insurance required by this section shall provide for payment and satisfaction of any final judgment rendered as aforesaid and shall provide that suit may be brought in any court of competent jurisdiction upon such insurance policy by the owner of any owner of any such judgment, shall contain a description of each motor vehicle, giving the manufacturer's name and number and state license number, and shall also provide that such insurance policy cannot be cancelled by the company issuing the same without giving ten days' notice in writing of such cancellation to the village manager, either personally or by registered mail.
(3) In lieu of the duplicate policies or certificates of insurance provided for by this section, licensee may furnish bonds with solvent and responsible surety companies authorized to do business under the laws of this state as sureties thereon, or individual bonds with one or more personal sureties owning real estate in the state of the value in the aggregate of $200,000, if offered in lieu of the personal injury and death insurance hereinabove provided for, or of $100,000 if offered in lieu of the property damage insurance hereinabove provided for, over and above all encumbrances, to be approved by the village manager, which bonds with personal sureties shall be accompanied by affidavits by each of such sureties to be attached to such bonds, stating the location, legal description, market value, nature, the amount of encumbrances, if any, and the value above all encumbrances of real estate scheduled to qualify on such bonds. The amount of such bonds shall be the same as the amounts of the insurance policies or certificates hereinbefore set forth. The conditions for payment of such bonds shall be the same as those contained in the insurance policies or certificates hereinbefore set forth. Such bonds shall contain all of the other provisions and conditions hereinbefore set forth and required in the aforesaid insurance policies and certificates, and such bonds, for the full amount thereof shall, by their terms, be a lien so scheduled, and shall be recorded in the office of the Recorder of Deeds in each county in which such real estate is located.
(4) The licensee shall at all times maintain the full insurance or bond coverage hereinabove provided.
(5) The village president is hereby directed and empowered to revoke any taxicab license issued with respect to any taxicab not complying with the provisions of this section; and if, at any time, in the judgment of the village manager, such policies or certificates of insurance or such bonds are not sufficient for any good cause, he or she may require replacement thereof with other good and sufficient policies or certificates of insurance or bonds in accordance with the provisions of this section.
(1929 Code, § 492) (Ord. No. 1270; Ord. No. 1420, § 1)