(a) No person shall operate any taxicab in the City, nor shall any permit be granted, unless the applicant deposits with the Controller a policy of liability insurance for each taxicab, said policy to be issued by a company authorized to do business in the State and deemed to be an acceptable insurer by the Board of Public Works and Safety, indemnifying the applicant in the sum of at least One Hundred Thousand Dollars ($100,000.00) for injury to one person and Three Hundred Thousand Dollars ($300,000.00) for injury to more than one person, and One Hundred Thousand Dollars ($100,000.00) for property damages in any one accident, through the operation of any taxicab of the applicant, or such greater amounts as may be required by state or federal law or regulation.
(b) In lieu thereof, there may be filed the bond of a surety company indemnifying persons who may be damaged by the operation of such taxicab in the same amounts as hereinabove stated, conditioned that action may be brought thereon by any person damaged in the amount named therein. The insurance and bond shall be approved by the Board of Public Works and Safety.
(c) The policy of insurance or bond shall contain a clause obligating the company issuing the same to give written notice ten (10) days before the termination thereof to the Controller. The permit for the operation of the taxicab thereby insured shall expire upon the lapse of or termination of the policy or bond unless immediately renewed or replaced by a like policy or bond.
(d) Proof of insurance and a receipt for the fully paid policy of insurance shall be presented to the Board of Public Works and Safety at the time of application. (Ord. 13-42, § 1, 9-4-13)