A. No certificate of public convenience and necessity shall be issued or continued in operation unless there is in full force and effect an indemnity bond for each vehicle authorized in the amount of ten thousand dollars for bodily injury to any one person, in the amount of twenty thousand dollars for injuries to more than one person which are sustained in the same accident and five thousand dollars for property damage resulting from any one accident. Such bond shall inure to the benefit of any person who shall be injured or who shall sustain damage to property proximately caused by the negligence of a holder, his servants or agents. Such bond shall be filed in the office of the city clerk and shall have as surety thereon a surety company authorized to do business in the state.
B. The city commission may in its discretion allow the holder to file, in lieu of bond, a liability insurance policy issued by an insurance company authorized to do business in the state. Such policy shall conform to the provisions of this chapter relating to bonds. (Prior code §§ 22-2-6, 22-2-7)