(A) Before the issuance of license to operate a taxicab or motor vehicle for hire, the licensee shall file a certificate, signed by a duly authorized officer of a company authorized to write insurance in the state, to the effect that a policy of insurance has been issued and is in full force and effect to the licensee, and that the premium has been paid as required thereon, together with a true copy of the policy contract or certificate of insurance. In cases where the insurance premium is payable monthly, proper certificates or evidences of payment of the premiums shall be delivered to the license collector not later than the first of each month.
(B) Such policy of insurance shall be in a sum as determined by resolution of the City Council.
(C) Such policy of insurance shall contain a provision for a continuing liability thereunder the full amount thereof, notwithstanding any recovery thereon, and that until the policy is revoked, as herein provided, the insurance company will not be relieved from liability on account of nonpayment of premium, failure to renew license at the end of the year, or any act or omission of the named assured.
(D) Any insurance company whose policy has been so filed pursuant to this section may file a notice in the office of the Chief of Police of its intention to terminate and cancel such policy and give notice thereof to the named licensee, whereupon after ten days after such filing such licensee or owner shall cease to operate or cause to be operated within the city such taxicab or motor vehicle for hire, and the license issued therefor shall be automatically revoked and liability on such policy shall cease and terminate; provided, that the liability of the insurance company thereon for any act or omission of the licensee or owner occurring prior to the effective date of cancellation shall not be thereby discharged or impaired.
(E) The Chief of Police may from time to time, at his discretion, require financial reports to be furnished to him by any or all insurance companies writing policies of insurance filed in compliance with this chapter.
(F) If the financial condition of any of such companies shall at any time be found unsatisfactory or insecure with reference to the extent of the risks assumed or policies outstanding, the Chief of Police, after ten days notice to the owner of any vehicle covered or affected by insurance policies issued by any such companies in pursuance of the provisions of this chapter, shall revoke the licenses of such owners unless a satisfactory policy or bond shall have been previously filed in the manner and form required by this section.
('68 Code, § 5-506) (Ord. 319, passed 7-15-68; Am. Ord. 567, passed 2-2-81)