a. It shall be unlawful for any pedicab business to operate or authorize the operation of a pedicab within the city unless there is in force for such pedicab a policy of insurance that meets the requirements of this section.
b. Such policy of liability insurance shall insure such pedicab business and all pedicab drivers of the pedicabs of such business, whether such pedicab drivers are employees of the pedicab business or operate such pedicabs otherwise by agreement with the pedicab business. Such insurance policy must provide, at minimum, the following protection:
1. The pedicab business carries a policy providing liability coverage for injury or death of any person or persons, and damage to or destruction of any property in a combined single limit amount of two million dollars, or such higher amount as the commissioner may determine pursuant to rule, with a maximum of one million dollars for each accident, where liability for such injury or death of a person or persons, or damage to or destruction of property shall arise out of the operation of the pedicab business's pedicabs; or
2. Each pedicab is insured in at least the following amounts, unless the commissioner establishes higher amounts pursuant to rule, where liability for such injury or death of a person or persons, or damage to or destruction of property shall arise out of the operation of the pedicab:
(i) for personal injury or death to one person, one hundred thousand dollars;
(ii) for personal injury or death to all persons in one accident, three hundred thousand dollars, with a maximum of one hundred thousand dollars for each person; and
(iii) for property damage, fifty thousand dollars.
c. Such policy of liability insurance shall name the city of New York as an insured party.
d. The pedicab business shall notify the commissioner of any modification, amendment, cancellation or substitution of any insurance policy required under subdivision b of this section within fourteen days of the date of the notice to the pedicab business of such modification, amendment, cancellation or substitution.
e. If the policy of insurance required by this section lapses for any reason, the license issued pursuant to section 20-250 shall become void for such pedicab business.