755.06  INSURANCE
   No certificate shall be issued to engage in the business of transporting for hire any member of the general public until there is deposited with the City Manager a policy of liability insurance for each vehicle so used. Such insurance shall be subject to the approval of the Law Director and shall indemnify the policy holder in the sum of twenty-five thousand dollars ($25,000) for injury or death to one person, fifty thousand dollars ($50,000) for injury or death to more than one person, and five thousand dollars ($5,000) for property damage arising out of any one accident through the operation of a vehicle as defined herein.
The policy shall further contain a clause obligating the insurance company writing such policy to give ten days written notice to the City Manager before cancellation of such policy. Upon the lapse, expiration or termination of such policy and insurance, the certificate issued to the operator herein shall expire. (Ord. 1970-67. Passed 8-19-70.)