(A) Before any license required by § 113.01 of this subchapter for a public carrier shall be issued, the owner shall file with the Common Council an insurance policy issued by a reputable insurance company licensed to do business in the state and approved by the Common Council, providing insurance coverage for each and every carrier owned, operated or leased by the applicant.
(B) The policy shall provide no less insurance coverage to the owner than the minimum sums prescribed by the Motor Vehicle Financial Responsibility Law of the state, and amendments thereto, which minimum sums are adopted herein by reference and made a part hereof.
(C) The policy shall further provide that insolvency or bankruptcy of the insured shall not release the insurance company from any payment due under the policy and if by reason of insolvency or bankruptcy an execution on a judgment against the insured is returnable unsatisfied, the judgment creditor shall have a right of action against the insurance company to recover the amount of the judgment to the same extent that the insured would have had to recover against the company had the insured paid the judgment.
(D) The policy shall further provide that it cannot be canceled until 30 days’ notice of the cancellation shall have been given to the Common Council.
(E) A penalty shall be imposed or the license revoked if the insurance lapses or becomes canceled or invalid for any reason.
(Prior Code, § 26-13) (Ord. passed 12-9-1946; Ord. passed 1-27-1958) Penalty, see § 10.99