(A) (1) No license shall be issued for any taxicabs or to any operator thereof until the owner of the taxicab shall file with the City Controller an insurance policy issued by a responsible insurance company licensed to do business in the state.
(2) The insurance company and the form of policy shall be approved by the corporation counsel.
(3) These policies shall co-insure the city and shall provide insurance coverage for each and every taxicab owned and operated by the applicant within the city with the maximum of $500,000 for comprehensive coverage including personal injury and property damage regardless of whether the taxicab was being driven by the owner or an employee.
(B) No license shall be issued for a taxicab unless it shall comply with the following rules and regulations.
(1) In lieu of the policy of insurance provided for in division (A) above, the licensee may furnish a good and sufficient surety bond or bonds in a form to be approved by the Corporation Counsel in the penal sum of $100,000, with a surety company authorized to do business in the state, to run to the city to indemnify it against any loss due to its authorizing the licensee to proceed under this section. In addition, the licensee shall post with the city an insurance policy for any amount, as required by division (A) above, in excess of $100,000. The insurance policy shall be governed by the same conditions and regulations as set forth in division (A) above.
(2) No license shall be issued under this section unless the licensee shall show proof that he or she has obtained a valid certificate of self insurance from the state’s Bureau of Motor Vehicles.
(Prior Code, § 125.26) (Ord. 3316, passed 2-27-1961; Am. Ord. 3997, passed 6-10-1974; Am. Ord. 7287, passed 5-14-1990; Am. Ord. 7882, passed 6-10-1996) Penalty, see § 10.99