(a) No license to operate any public vehicle kept for passenger hire, other than a motor bus, shall be issued or renewed by the Mayor and no person shall operate any such public vehicle, or permit such to be operated, unless the applicant shall deposit, and maintain on deposit with the Mayor a policy or policies of liability insurance issued by a company duly licensed to transact such business in this State, insuring within the amount specified in such policy, the owner of such taxicab or automobile and also any person, herein called operators, operating the same in the City as a taxicab or automobile for passenger hire under authority of such owner, whether such authority be under contract of employment lease or other transaction of the owner or the owner's assignee or lessee and such person operating such car, against loss from liability imposed by law for damages on account of bodily injuries or death and or for damage to property, other than injuries, death or property damages of the insured or insured's employees, resulting from such ownership, maintenance or use of such taxicab or automobile so kept for passenger hire in the City and agreeing to pay to any judgment creditor, to the extent of the respective amounts specified in such policy any final judgment rendered against the insured or such operator by reason of such liability, approved as to sufficiency by the Mayor and as to legality by the Law Director.
(b) The extent of the liability of the insurer shall be as to any one licensed public vehicle operated by the applicant, his agent or employee, the sum of twelve thousand five hundred dollars ($12,500) on account of injuries to or death of any one person in any one accident; and subject to such limit as respects injury to or death of one person, twenty-five thousand dollars ($25,000) on account of any one accident resulting in injury to or death of more than one person; and seven thousand five hundred dollars ($7,500) on account of damage to property in any one accident.
(c) In lieu of the policy or policies of insurance herein provided for, applicant may urnish a bond executed by a surety company authorized to do business in the State of Ohio, or by two personal sureties, approved as to sufficiency by the Mayor and as to legality by the Law Director, holding and binding the principal and sureties to the same liability and subject to the same conditions as in the case of policies of insurance provided for hereunder.
(d) It shall further be permissible for the applicant to furnish insurance as to damage for personal injuries, including death and an indemnity bond as to property damages or vice versa.
(e) Every such policy or certificate of insurance or bond shall contain a clause obligating the insurer or surety to give to the Mayor at least ten days written notice before the cancellation, expiration, lapse or other termination of such bond, policy or policies and the license granted shall expire upon the termination of such insurance or bond or upon the termination of the liability of the insurer or surety thereon, in accordance with such notice, unless a new policy or certificate of liability insurance or a new indemnity bond, approved as hereinbefore provided shall be substituted therefor. Failure to give the notice required shall operate to continue the liability of the insurer or surety for the benefit of persons injured or damaged as though such policy continued in full force and effect.
(f) In the event of recovery of any final judgment the owner of any taxicab or taxi-cabs, for damages on account of bodily injuries or death and/or for damage to property (other than injuries, death or property damage of the insured or insured's employees) resulting from such ownership, maintenance or use of such taxicabs or automobile so kept for passenger hire in the City and the nonpayment thereof for a period of thirty days thereafter, the Mayor shall forthwith revoke all licenses of all the taxicabs of such owner, in the manner provided for herein. Such bond or policy shall be renewed annually to the satisfaction of the Mayor.
(Ord. 1202. Passed 3-19-47.)