No person shall operate or permit the operation of any taxicab within the City without depositing with the Clerk of the City a policy of liability insurance written by an insurance company duly authorized to transact business within the State insuring the owner of such taxicab or any person operating such taxicab within the City, from loss from liability imposed by law for damages on account of bodily injuries or damages or from damages to property resulting from ownership, maintenance or use of such taxicab in the City. The limit of liability on such insurance policy shall not be less than as provided by Ohio R.C. 4509.51. Any such policy shall be approved by the City Solicitor as to its compliance with this section. In the event any policy of insurance is canceled, the license covered by such policy shall be revoked by the Taxicab License Board, but may be reinstated upon filing of a new policy, provided this is done within ten days from the revocation and a payment of a five dollar ($5.00) fee is made.
(Ord. 665. Passed 2-26-68.)