(A)   Before the issuance of a license to operate a taxicab business within the corporate limits of the village, the licensee-applicant shall file with the Village Clerk-Treasurer a certificate, signed by a duly authorized officer of a company licensed to engage in the insurance business in the state, to the effect that a policy of insurance has been issued and is in full force and effect, issued to the licensee-applicant, and that the premium has been fully paid, together with a true copy of the policy contract or certificate of insurance.
   (B)   (1)   Said policy shall be the usual form automobile liability policy and in the amount of $50,000, $100,000 for personal injury, and $25,000 for property damage.
      (2)   The insurer shall immediately give notice to the Village Clerk-Treasurer in the event of the cancellation of such insurance.
      (3)   Every license issued under this chapter shall be suspended at all times when the licensee shall not have in full force and effect the insurance herein requested.
(1984 Code, § 2-05-120)  (Ord. 4, passed 11-18-1962; Ord. 143, passed 7-24-1984)