(a) No person shall operate taxicabs or engage in the business of operating taxicabs for the transportation of persons for hire within the city unless the applicant for a license, under the provisions of § 717.05, deposits with the City Manager a policy or certificate of liability insurance for the taxicab for which a license is applied. The insurance shall be acceptable to and subject to the approval of the Law Director and shall indemnify the applicant in the sum of $100,000 for injury to one person, $300,000 for injury to more than one person and $25,000 for property damage in any one accident through the operation of the taxicab for which the license is applied.
(b) The policy shall further contain a clause obligating the surety company or insurance company writing the policy to give ten days written notice to the City Manager before cancellation of the policy. Upon the lapse, expiration or termination of the policy and the failure to replace it with another acceptable insurance policy, the license issued under the provisions of § 717.05 shall expire.
(Ord. 56-1985, passed 8-12-1985)