Each taxicab operator shall file with the Director of Public Safety, at the time of payment of the taxicab operator's fee, a good and sufficient indemnity bond or liability insurance policy issued by a surety or company authorized to do business in the State. Such bond or insurance shall be subject to the approval of the Director and shall be for the benefit of any person injured or whose property is damaged through the use of such taxicab. The bond or insurance policy shall be in an amount of not less than five hundred thousand dollars ($500,000) due to bodily injury to or death of one person in any one accident, one million dollars ($1,000,000) due to bodily injury to or death of two or more persons in any one accident and five hundred thousand dollars ($500,000) due to injury to property of others in any one accident.
Such bond or insurance shall be maintained in such sums at all times and until every claim against the operator for damages, injuries or death incurred or suffered by property or person, through neglect or a wrongful act of the taxicab operator or his or her agents or employees in the conduct of such business is completely satisfied. The bond or insurance policy shall be so conditioned that the taxicabs of the operator will be operated in accordance with the laws of the State and the ordinances of the City and that any judgment rendered in any court against such operator arising out of damage or injury to any person or property caused by the operation of the taxicab and due to the negligence or a wrongful act of the operator's agents or employees shall be paid.
Such bond or insurance policy shall further contain express provisions to the effect that it shall not become void on first recovery, but may be sued upon and recovery may be had from time to time until the full amount is exhausted. In the event of payment of damages by either the surety or insurer, the operator shall at once give additional bond in the amount so paid to the end that there shall be available at all times in effect the principal sum herein specified for compensation, as aforesaid.
Such bond or insurance policy shall provide that the bankruptcy or insolvency of the operator shall not release the surety or insurer from the payment required, but shall remain in full force and effect and available to any claimant, the same as if the operator were not insolvent or bankrupt.
Such bond or insurance policy shall further provide that no notice of any acts creating any liability thereunder shall be required and that the bond or policy shall not be cancelled before ten days written notice of the intention to cancel has been given to the Director and that the bond or policy shall remain in full force and effect until after the expiration of ten days from the date of service of such written notice. Such bond or policy shall be renewed annually to the satisfaction of the Director.