(A) Before a license shall be delivered to any operator, he or she shall deposit with the City Manager-Clerk a policy or policies of any insurance company or companies duly licensed to transact such business in this state, insuring the operator of any taxi-cab to be licensed against loss and the liability imposed by law for damages on account of bodily injuries or death, or for damages to property resulting from the ownership, maintenance, or use of any taxi-cab to be owned or operated under that license, and agreeing to pay any judgment creditor to the extent of the amount specified in the policy, any final judgment rendered against the insured by reason of that liability. The policy or policies shall be approved by the City Attorney as to form and compliance with this subchapter. The limit in any such insurance policy of liability of the insurer on account of the ownership, maintenance, and use of the taxi-cab shall not be less than $100,000 for bodily injuries to or death of one person and $300,000 on account of any one accident resulting in injuries to and/or death of more than one person, and a total of $50,000 liability for damage to property of others, arising out of any one accident. The insurance policy that conforms with this section must be kept in full force and effect at all times a license is issued hereunder.
(B) The licensee shall keep the City Manager-Clerk informed at all times as to his or her insurance carrier and insurance agent. The City Manager-Clerk shall have the right from time to time to verify with the insurance agent the existence of an insurance policy that conforms with the requirements set forth in division (A) above. If the Manager-Clerk should determine that the insurance policy does not exist or that the agent supplied by the licensee is not the correct one carrying his or her present policy, then any license granted hereunder shall be immediately revoked by the Manager-Clerk upon mailing a notice of revocation of the license to the last known address of the applicant. No license shall be reissued hereunder until the applicant produces satisfactory evidence that he or she is maintaining an insurance policy in conformance with this section.
(Ord. 284, passed 9-12-85)