(A) No license shall be issued or continued in operation unless there is in full force and effect a liability insurance policy for each vehicle authorized in the amount of $100,000 for bodily injury to any one person in the amount of $300,000 for injuries to more than one person which are sustained in the same accident and $50,000 for property damage resulting from any one accident. The insurance shall inure to the benefit of any person who shall be injured or who shall sustain damage to property proximately caused by the negligence of a holder, the holder’s servant or agents. Notwithstanding any other provision of this chapter, the insurance coverage need not extend for the exact term of the license if the applicant or licensee also operates similar service in other cities.
(B) The Council may in its discretion allow the holder to file in lieu of insurance policy a bond or bonds issued by a surety company authorized to do business in the State of Minnesota.
(C) If the applicant for a license under this section had qualified as a self insurer under M.S. § 65B.48, Subd. 3, as amended, and has filed with the City Clerk a certified copy or a duplicate original of the self-insurance certificate issued by the State Commissioner of Highways, then no policy of insurance or surety bond shall be required to be filed with the city.
(Ord. 2009-007, passed 7-6-2009) Penalty, see § 123.99