No person shall operate a taxicab company or transportation company without having in effect:
(A) Public liability insurance for each vehicle with a combined single limit of $3,000,000 covering both passengers and third parties, plus a comprehensive general liability policy with limits of $1,000,000;
(B) Such policy or certificate shall be provided by an insurance or liability carrier authorized to issue this type of insurance in the state and shall contain a provision obligating the insurance carrier to give 15 days’ written notice to the Service Director before cancellation or termination of the insurance. Such policy or certificate shall list the manufacturer’s serial number and the state license plate number for each vehicle covered therein. The policy or certificate shall be refiled with the Service Director whenever any vehicle is deleted from the transportation service of the insurance or a vehicle is added to the transportation service of the insured; and
(C) The liability insurance required by this section may contain a deductible or self-insured provision in an amount not to exceed the first $25,000 of liability for all personal injuries, loss of life and property damage in any one accident or incident arising from the operation of any vehicle of a taxicab company or transportation company; provided that the taxicab company or transportation company shall deposit cash or other similar collateral acceptable to the Director of Finance.
(Prior Code, § 850.03) (Ord. 2014-07, passed 7-8-2014)