No permit shall be issued, nor shall any taxicab be operated on the streets of the Municipality, until the taxicab company has furnished evidence that it has procured and has in full force and effect a liability insurance policy for every taxicab. Such policy shall be acceptable to and approved by the Mayor and shall be written by an insurance or liability company authorized to carry on business and to write such policies in the State. Such policy shall indemnify such taxicab company in the sum of at least one hundred thousand dollars ($100,000) for injuries or death to one person; three hundred thousand dollars ($300,000) for injuries or death to more than one person; and fifty thousand dollars ($50,000) for property damage in any one accident, through the operation of a taxicab.
(Ord. 3-91. Passed 1-21-91.)