(A) (1) Before any license is issued for a pedicab, the owners shall file with the office of the License Inspector a policy of accident insurance through an insurance company licensed and authorized to transact business within Kentucky, which policy shall cover each and every pedicab owned, operated or leased by the applicant in the amounts as follows:
(a) For death or injury to any one person: $100,000.
(b) Total liability for death or injury to persons: $300,000.
(c) For property damage: $10,000.
(2) The above types and minimum amounts of insurance to be carried on each pedicab apply regardless of whether the pedicab was being driven by the owner, his or her agent, lessee or licensee.
(B) The policy shall further provide that insolvency or bankruptcy of the insured shall not release the insurance company from any payment due under the policy and if by reason of the insolvency or bankruptcy an exception on a judgment against the insured is returned unsatisfied, the judgment creditor shall have a right of action against the company to cover the amount of the judgment to the same extent that the insured would have had to recover against the company had the insured paid the judgment.
(C) The policy shall further provide that it may not be canceled until after 15 days notice to the office of the License Inspector.
(D) If the owner shall fail within the 15 days to provide another policy of like kind and manner, then the permit and licenses, provided for herein, shall be revoked by the License Inspector as of the day the insurance ceases to be in effect.
(E) All policies shall provide blanket coverage for all equipment operated pursuant to the license.