No license or certificate shall be issued, nor shall any taxicab be operated on the streets of the City, until the applicant has filed with the Director of Safety a casualty insurance policy from an insurance company that is approved by the Director of Law. Such policy shall indemnify such applicant in the sum of at least one hundred thousand dollars ($100,000) for injury or death to one person, three hundred thousand dollars ($300,000) for injury or death to more than one person in the same accident, and fifty thousand dollars ($50,000) for property damage in any one accident, through the operation of the taxicab of such applicant. Such policy shall further contain a clause obligating the casualty company to give ten days written notice to the Director of Safety before $ancellation of such policy.
In the case of a public vehicle already licensed by a municipality in the greater Cleveland area and for which a bond, policy or certificate of liability insurance or a security agreement has been furnished to the municipality issuing such license, it shall be sufficient for the owner or operator of such public vehicle to file a copy of such policy or certificate of insurance, bond of indemnity or security agreement with the Director of Safety, provided, however, that such policy or certificate of insurance, bond of indemnity or security agreement shall be subject to the approval of the Director of Safety and the Director of Law, which approval shall not be given unless the terms of such policy or certificate, bond of indemnity or security agreement are such as will protect passengers or other persons or property injured or damaged by the operation of such public vehicle in the City. Nothing herein contained shall be deemed to be a waiver of the ten days written notice to the Director of Safety before cancellation of any such policy or certificate of insurance, indemnity bond or security agreement, nor a waiver of the right of I the Director of Safety to order the owner of such public vehicle to replace such policy or certificate of insurance, bond of indemnity or security agreement.
(Ord. 1986-116. Passed 1-7-87.)