(a) A fee of one hundred dollars ($100.00) per cab per annum shall be paid to the City. This fee shall be collected only once although the particular taxicab may be used as a taxicab by more than one operator. As to the licenses issued between January 1 and June 31 of any year, the fee shall be one-half of the foregoing amount. Each applicant shall also file with the Finance Director at the time of the payment of such fee a good and sufficient indemnity bond or liability insurance policy issued by a company licensed to do business in the State of Ohio, payable to the City, and for the benefit of any person or persons injured either in person or property, which bond or insurance policy shall be in the sum of twelve thousand five hundred dollars ($12,500) for each person injured and with a total liability of twenty-five thousand dollars ($25,000) for any one accident, and seven thousand five hundred dollars ($7,500) damage coverage, which bond or policy of insurance shall be maintained in such sums at all times and until every claim against such operator for damages, injuries or death incurred or suffered by property or persons, through neglect or wrongful act of the taxicab operator, his or its agents or employees, in the policy shall be so conditioned that the taxicabs of the operator will be operated in accordance with the laws of Ohio and the Charter and 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 such taxicab and due to the negligence or wrongful acts of the operator's agents or employees shall be paid. Such bond or insurance shall further contain express provisions to the effect that it shall not become void on first recovery but may be sued upon and recovery 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 at all times in effect the principal sum herein specified available for compensation as aforesaid. Further provisions shall be contained in either such bond or insurance policy 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 person injured the same as though the operator was not insolvent or bankrupt. Provided further that any such bond or policy may make provisions for compensation for damages caused only to the property of any person other than licensee in the sum of not less than ten thousand dollars ($10,000).
(b) Such policy or bond 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 canceled before ten days written notice of the intention to cancel has been given to the Finance Director and that such 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 Finance Director.
(Ord. 390. Passed 6-20-73.)