§ 116.067 FINANCIAL RESPONSIBILITY.
   (A)   No person shall operate or cause to be operated any taxicab over the streets of the city without first furnishing proof of financial responsibility as required by G.S. § 20-280, or any superseding statute. If the taxicab is owned by a person who operates under the operating permit of another owner, the other owner shall be named as an additional insured in the policy covering the taxicab. Insurance coverage must meet the minimum state requirement of $30,000/$60,000/$25,000. Bodily injury per individual ($30,000) per occurrence ($60,000) and property damage per occurrence ($25,000).
   (B)   Any operating permit holder or person owning or causing any taxicab to be operated shall, upon the receipt of any notice of cancellation of the insurance, required by this section, immediately notify the City Manager or his or her designee and the holder of the operating permit, if applicable, of the cancellation. Failure to notify the City Manager or his or her designee of a cancellation of insurance on a taxicab shall result in the immediate revocation of the operating permit of taxicab for a period of 30 days.
   (C)   The insurance company issuing any policy required by this section shall give the City Manager or his or her designee not less than 30 days advance written notice of any cancellation, reduction in coverage or other material change in the policy.
(Prior Code, § 17-47) (Ord. passed 5-26-1992) Penalty, see § 116.999