761.18 BOND OR LIABILITY INSURANCE REQUIRED.

   No owner, operator or taxicab company, either's heirs, successors or assigns, either's lessees, trustees, receivers or court-appointed trustees shall operate a public hack, taxicab or other vehicle kept for hire, or permit the same to be operated, nor shall any certificate of public convenience and necessity be granted, unless and until the applicant for that privilege deposits with the City Manager in a form approved by the Director of Finance and the Director of Law:

   (a)   A policy or certificate of liability insurance covering both passengers and third parties, for each taxicab for which a license is issued, by an insurance company licensed and admitted in the State, which policy shall "pay on behalf of" the insured:

      (1)   Liability insurance with limits of one hundred thousand dollars ($100,000) per person bodily injury and property damage per occurrence;

      (2)   Covering all taxicabs operated by applicant;

      (3)   Providing uninsured and underinsured motorist coverage of not less than twenty-five thousand dollars ($25,000) per person;

      (4)   Deleting any exclusions or limitations or exceptions as follows: when the vehicle is being used as a public livery or conveyance;

      (5)   The policy or certificate shall further contain a warranty by the insurance company that in the event of any cancellation, non-renewal or material change in the terms and conditions of such policy, the City Manager shall be given at least ten days of advance notice of same.

   (b)   The liability insurance required pursuant to subsection (a) hereof may contain a deductible in an amount not to exceed one thousand dollars ($1,000).

   (c)   Each taxicab company shall provide the City with a bond or cashier's check for one thousand dollars ($1,000) for the purpose of covering medical expenses of taxicab passengers injured during the course of the company's operation and shall maintain such protection.

      (Ord. 92-8-66. Passed 8-12-92.)