No license to operate any taxicab for hire shall be issued or renewed by the Village Administrator, and it shall be unlawful to operate or permit the operation of such, unless and until the owner of same shall deposit and maintain on deposit with the Village Administrator a certificate of insurance with an insurance company duly licensed to transact such business in the State, certifying that it is insuring the owner of such taxicab for hire and also any chauffeur or driver operating the same against loss from liability imposed by law for damages on account of bodily injuries or death, with limits of not less than one hundred thousand dollars ($100,000) to any one person and three hundred thousand dollars ($300,000) for any one accident, and with a limit of fifty thousand dollars ($50,000) for damages to property, resulting from such ownership, maintenance or use of such taxicab for passenger hire in the Village. The policy shall contain a provision to agree to pay 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.
(Ord. 1657. Passed 7-18-11.)