(A) Each vehicle for hire under this subchapter must have a certificate of insurance with the declaration of the vehicle covered, a copy of an indemnity bond, or plan of self-insurance approved by the State of Kentucky, Department of Transportation in full force and effect with basic reparation benefits in amounts not less than the types and amounts as required in KRS 218.655, except each taxicab must have in full force and effect the following coverage:
(1) Liability coverage of not less than $50,000 for all damages arising out of bodily injury sustained by any one person;
(2) Liability coverage of $100,000 for all damages arising out of bodily injury sustained by all persons injured as a result of any one accident; plus
(3) Liability coverage of not less than $25,000 for all damages arising out of damage to or destruction of property, including loss of use thereof, as a result of any one accident arising out of ownership, maintenance, use, loading, or unloading of the insured vehicle.
(B) The policy shall name Metro Government as an additional insured.
(C) The certificate holder shall furnish satisfactory evidence that such insurance is in effect and will not be cancelled during the term, or renewal term of the certificate without 30 days prior written notice of cancellation to the Louisville/Jefferson County Metro Government.
(D) Any claim for damages in excess of $1,000 per occurrence made to a certificate holder or its insurer shall be reported to the Department quarterly.
(1999 Lou. Code, § 111.565) (Lou. Ord. No. 115-1979, approved 8-17-1979; Lou. Am. Ord. No. 370-1987, approved 12-28-1987; Lou. Am. Ord. No. 172-1996, approved 8-28-1996; Lou. Am. Ord. No. 0045-2002, § 1, approved 3-29-2002; Lou. Metro Am. Ord. No. 223-2005, approved 12-28-2005) Penalty, see § 115.999