No person shall operate a public hack, taxicab or other vehicle kept for hire, except motor buses operated on regular schedules and over regularly scheduled routes, or permit the same to be operated, nor shall any permit be granted, unless and until the applicant for that right deposits with the Director of Finance:
(a) A policy or certificate of liability insurance covering both passengers and third parties, indemnifying the taxicab company 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 and fifty thousand dollars ($50,000) for property damage in any one accident arising out of the operation of any of the taxicab company's vehicles. Such policy shall be proved by any insurance or liability carrier authorized to issue this type of insurance in the State of Ohio and shall contain a provision obligating the insurance carrier to give fifteen days written notice to the Director of Finance before cancellation or termination of the insurance.
(b) The liability insurance required pursuant to subsection (a) hereof may contain a deductible or self-insured provision in an amount not to exceed the first twenty- five thousand dollars ($25,000) of liability for all personal injuries, loss of life and property damage in any one accident or incident arising from the operation of any of the taxicab company's vehicles provided that the taxicab company deposits cash or collateral acceptable to the Director of Finance in an amount not less than ten thousand dollars ($10,000) to be retained by the City for the exclusive benefit of such unpaid final judgment creditors of the taxicab company.
(Ord. 63-83. Passed 5-9-83.)