(A) No license shall be issued until the applicant has filed with the Clerk-Treasurer an insurance binder demonstrating that the applicant has sufficient public liability insurance covering each taxicab for liability and property damage, in at least the following amounts: $500,000 because of bodily injury to, or death of any one person as a result of any one accident, and not less than $1,000,000 aggregate because of bodily injury to, or death of any two or more persons as the result of any one accident, and not less than $100,000 because of property damage as the result of any one.
(B) The insurance policies required herein must contain an endorsement that cancellation of the policy, by the issuer, may be effected only upon 30 days written notice by insurer to the Clerk-Treasurer of the City of the insurer’s intention to terminate the policy.
(Ord. 2010-11, passed 8-16-10)