(A) Each taxicab operating under this chapter shall have in full forces and effect an approved indemnifying bond, liability insurance policy, or plan of self-insurance which has been approved by both the Kentucky Department of Insurance and the Kentucky Transportation Cabinet in accordance with KRS 281.655. The types and minimum amounts of insurance to be carried on each vehicle shall be as follows:
(1) Death or injury to any one person: $25,000.
(2) Total liability for death or injury to person: $50,000.
(3) Property damage: $10,000.
(B) Each taxicab operating under this chapter shall have in full force and effect basic reparation benefits in accordance with KRS Chapter 404, Subtitle 39.
(Ord. 97-18, passed 11-17-97)