Before the issuance of a license to operate a taxicab or motor vehicle for hire, the licensee shall file a certificate signed by a duly authorized officer of a company authorized to write insurance in the state to the effect that a policy of insurance has been issued and is in full force and effect issued to the licensee, and that the premium has been paid as required, together with a true copy of the policy contract. In cases where the insurance premium is payable monthly, proper certificates or evidence of payment of the premiums shall be delivered to the City Clerk not later than the first day of each month. The policy of insurance shall be issued for each vehicle licensed in amounts not less than $100,000 for bodily injuries or death to any one person, and $300,000 for bodily injuries or death to more than 1 person, and $50,000 for damage to property. The limitations of the foregoing sentence shall apply to judgments recovered in each cause of action resulting from the operation, maintenance, use or defective construction of each licensed vehicle. The policy of insurance shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon, and that until the policy is revoked as herein provided the insurance company will not be relieved from liability on account of nonpayment of premium, failure to renew license at the end of the year, or any act or omission of the licensee. The insurer shall file a notice in the office of the City Clerk of its intention to terminate and cancel the policy and give notice thereof to the licensee, whereupon after 10 days after the filing, the licensee or owner shall cease to operate or cause to be operated within the city a taxicab or motor vehicle for hire and the license issued therefor shall be automatically revoked and liability on the policy shall cease and terminate; provided that for any act or omission of the licensee or owner occurring prior to the effective date of cancellation, liability therefor shall not be discharged or impaired.
(Prior Code, § 32-29) (Ord. 85-2, passed 2-7-1985)