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(A) Before any license is issued, the applicant therefor shall furnish 1 or more policies of insurance, issued by responsible insurance companies providing indemnity for the insured in the amounts specified herein and agreeing to pay, within the limits of the amounts on behalf of the insured, all sums which the insured shall become obligated to pay by reason of the liability imposed upon the insured by law, for damages because of bodily injury, including death, at any time resulting therefrom, or of damages to property, or both, sustained by any person other than the employees of the insured and caused by accident and arising out of the ownership, maintenance, or use of the licensed taxicab.
(B) The minimum amount of the insurance coverage as to any licensed taxicab shall be:
(1) On account of injury to, or death of, any person in any 1 accident - as per Council resolution;
(2) On account of any 1 accident resulting in injury to, or death of, more than 1 person - as per Council resolution; and
(3) On account of damage to property in any 1 accident- as per Council resolution.
(1984 Code, § 6.177) (Am. Ord. 142, passed 7-29-1986)