(A) No company license may be issued, or continued in operation, unless there is on file in the office of the Clerk-Treasurer and in force and effect a current policy of insurance covering each vehicle to be operated as a taxicab in an amount of not less than $50,000 for injury to or destruction of property as a result of any one occurrence and a public liability policy covering accidental bodily injury, including death, to any member of the public in an amount of not less than $300,000 for all public liability from any one occurrence. The policy of insurance shall also provide for uninsured and under insured coverage in an amount of not less than $100,000. The policy of insurance shall also include medical benefits in an amount of not less than $50,000. The policy shall be updated annually and be on file with the Office of the Clerk-Treasurer before any issuance or renewal of a company license.
(B) The policy of insurance shall insure the owner and agent against liability for the payment of any final judgment, less any deductible amounts, or retained limits not in excess of $1,000 that may be rendered against the owner or agent for injury or damages to the property or person of others, or for damage for the wrongful death of others, resulting from any accident or collision for which the owner or agent will be liable on account of any act of negligence in the operation of the taxicab, or which may arise or result from any violation of any of the provisions of this section or the laws of the state, by him or any agent.
(C) The policy of insurance on file in the office of the Clerk-Treasurer shall contain the following provision:
“The city, through the Office of the Clerk-Treasurer, will be given 15 days’ notice prior to the effective date of the cancellation or other material change of this policy.”
(Ord. 24-2016, passed 11-21-16)