(a) The applicant shall also furnish a policy or policies of liability insurance issued for the life of the license applied for or longer, by a responsible insurance company, approved as to sufficiency by the Clerk-Treasurer, and as to legality by the Solicitor, providing indemnity for or protection to the applicant against loss resulting from the operating of each such taxicab to the extent of twelve thousand five hundred dollars ($12,500) on account of injury or death of one person in any one accident; twenty-five thousand dollars ($25,000) on account of injury or death of more than one person in any one accident; and ten thousand dollars ($10,000) for property damage caused in any one accident.
(Ord. 3-82. Passed 2-1-82.)
(b) In lieu of the policies of insurance above described, the applicant may furnish a bond binding the principal and sureties to liability for the payment of a judgment or judgments to the extent of ten thousand dollars ($10,000), twenty thousand dollars ($20,000) and five thousand dollars ($5,000) respectively, as above set forth, with at least two approved persons as sureties or one approved corporate surety approved as to sufficiency by the Clerk-Treasurer and as to legality by the Solicitor.
(c) Thereupon, the Mayor shall examine such supporting information and documents, and being satisfied that the applicant is the owner of any such vehicle, that the same is a safe and fit conveyance, and that satisfactory insurance or bond has been issued and is in force thereon, he shall, upon payment of the prescribed license fee, issue a license to the applicant.
(d) A certified copy of such license shall be exhibited in a prominent place in each taxicab at all times. (Ord. 55-74. Passed 11-18-74.)