Before any permit is issued or renewed by the business licensing officer, or any permit is issued by the chief of police, the applicant shall deliver to the chief of police, or his or her designee, a policy of automobile liability insurance executed by a company duly authorized under the laws of this state to sell commercial automobile liability, and be an admitted carrier member of the California Insurance Guarantee Fund, or maintain an AM Best rating of “A” or better for non-admitted carriers (with proof of licensing or rating to be provided by applicant), which insurance business, through the provisions of the policy, promises and undertakes to pay in full all legal liability incurred by the insured for damages to persons or property resulting from the operation of the taxicabs referred to in the application or subsequently replaced; and, that the insurance policy complies with the minimum total coverage of five hundred thousand dollars ($500,000) per vehicle, per accident, for any liability for any injuries, death, or destruction of property, with an amount specified of no less than one hundred thousand dollars ($100,000) for individual bodily injury to any person and fifty thousand dollars ($50,000) for any property damage.
(Ord. 344 § 14, 2005)