No person shall engage in the business of operating taxicabs or permit the same to be operated until and unless the applicant, prior to the issuance of a license, deposits with the Mayor, a policy or certificate of liability insurance for each unit for which a license is applied for, acceptable to and approved by the Municipality, the terms of which policy or certificate of liability insurance insure the applicant and protect passengers and all other persons and property in the minimum amount of one hundred thousand dollars ($100,000) for injury or death to one person and three hundred thousand dollars ($300,000) for injury or death to more than one person and fifty thousand dollars ($50,000) for property damage incurred in anyone accident for the operation of each taxicab unit for which a license is issued by the Municipality to the applicant. The policy herein provided for shall further contain a clause obligating the surety company or insurance company unless such policy to give a ten-day written notice to the Mayor of the surety company's or insurance company's intent to terminate such policy or that the policy will lapse and thereby terminate.
If at any time after the issuance of a license to an applicant to operate a taxicab the policy or certificate of liability insurance should lapse or otherwise terminate, the license to operate a taxicab shall immediately terminate as to each unit for which the policy or certificate of liability insurance terminates.
(Ord. 1979-23. Passed 2-27-79.)