No person shall operate taxicabs or engage in the business of operating taxicabs for the transportation of persons for hire within the City unless the applicant for a license under the provisions of Section 852.05 deposits with the Mayor a policy or certificate of liability insurance for each taxicab for which a license is applied. Insurance coverage shall be in the minimum amounts of one hundred thousand dollars ($100,000) per person and three hundred thousand dollars ($300,000) per accident. The policy shall contain a clause obligating the surety company or insurance company writing such policy to give ten days' written notice to the Mayor before cancellation of such policy. Upon the lapse, expiration or termination of such policy and insurance, the license issued under the provisions of Section 852.05 shall expire.
(Ord. 211-83. Passed 12-5-83.)