No certificate of public convenience and necessity shall be issued nor shall any taxicab be operated on the streets of the City, until the taxicab company shall have filed with the City Manager, a liability insurance policy for each taxicab; the policies shall be subject to approval by the Law Director and shall be kept in file in the office of the City Clerk and shall be written by an insurance or liability company authorized to carry on business and to write policies in the State of Ohio and having a capital and surplus of more than one hundred thousand dollars ($100,000), according to its most recent financial statement. The policy shall indemnify the taxicab company in the sum of at least ten thousand dollars ($10,000) for injury or death to one person and twenty thousand dollars ($20,000) for injury or death to more than one person and ten thousand dollars ($10,000) for property damage in any one accident through the operation of the taxicab of the taxicab company. With the policy shall be deposited a receipt showing premium payment for not less than three months. The policy shall further contain a clause obligating the insurance company to give ten days notice before cancellation of the policy or policies, to the City Manager.
(Ord. 1863. Passed 1-24-57.)