The statement referred to in Section 870.11 shall be accompanied by a policy of liability insurance for each taxicab. Such policy shall be acceptable to and approved by the Mayor, and shall be written by an insurance company authorized to carry on business and write such policies in the State. Such policy shall indemnify such taxicab operator in the sum of at least one hundred thousand dollars ($100, 000) for injury to one person, three hundred thousand dollars ($300, 000) for injury to more than one person and ten thousand dollars ($10, 000) property damage in any one accident from the operation of the taxicab of such operator. The policy shall further contain a clause obligating the insurer to give ten days' written notice to the Mayor before cancellation of or expiration of such policy. Such license shall expire upon the lapse or termination of the policy. Such policy shall also contain a provision for the continuing liability thereunder for the full amount, notwithstanding any recovery thereon. If at any time in the judgment of the Mayor, such policy is not sufficient for any cause, the Mayor may require the operator of such taxicab to replace the policy of insurance with another approved by the Mayor.
(Ord.72-93. Passed 2-13-73.)