Before any licensee operates any taxicab, it shall secure and during the term of the franchise, maintain in force at all times, a liability insurance policy covering each vehicle operated as a taxicab, having limits of not less than $100,000 for bodily injury to any one person, not less than $300,000 for injuries to more than one person which are sustained in the same accident, and not less than $50,000 for property damage resulting from one accident. The policy of 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 the grantee, its servants or agents. A copy of the policy of insurance or a certificate of the insurance shall be filed in the office of the City Administrator. The insurance shall be carried with an insurance company authorized to do business in the state.
(Prior Code, § 29-2) (Ord. 813, passed - -) Penalty, see § 10.99