(A) It shall be unlawful to operate any taxicab unless there shall be filed and deposited with the City Clerk a current and valid certificate of insurance executed and delivered by a company authorized to carry on an insurance business in the state, the financial responsibility of which company shall be evidenced by an A.M. Best Rating of at least A:VII. The certificate of insurance shall identify coverage in force for the following minimum amounts:
(1) General liability coverage in the following minimum amounts:
(a) $1,000,000 limit for each occurrence;
(b) $1,000,000 limit for personal injury;
(c) $1,000,000 general aggregate limit;
(d) $5,000 medical expense limit for any one person;
(e) $100,000 limit for damage to rented premises.
(2) Automobile liability with a combined single limit of $1,000,000 for each accident; and
(3) Workers' compensation and employer liability as required by the State of California. The city may require at its option, a copy of all policies and endorsements of required insurance in addition to certificates of insurance.
(B) Certificates of insurance shall contain a provision against cancellation except upon 30 day(s) prior written notice thereof to the city.
(C) Any deductibles or self insured retentions must be declared to and approved by the city. Approval will not be unduly withheld if the operator is able to provide evidence of sufficient financial means that would allow meeting the deductible or self insured retention.
(D) The insurance policies are to be endorsed to contain the provisions noted below and such endorsements are to be identified on the certificate(s) of coverage (and/or policies and endorsements) that are to be provided to the city by the operator with any mandatory endorsements.
(E) Endorsements. The city, its officers, officials, employees, and volunteers are to be covered as additional insured with respect to liability arising out of automobiles owned, leased, hired or borrowed by or on behalf of the operator.
('61 Code, § 4-5.06) (Ord. 145 N.S., passed - - ; Am. Ord. 192 C.S., passed 10-18-72 ; Am. Ord. 746 C.S., passed 2-5-03; Am. Ord. 801 C.S., passed 9-6-06)