a. As a condition of the issuance of a license to operate a horse drawn cab, each applicant shall furnish proof that such horse drawn cab is insured under a liability insurance policy with respect to such horse drawn cab for personal injury or death and for injury to or destruction of property of one or more persons resulting from any one accident of not less than the minimum dollar amount of liability insurance coverage required by vehicle and traffic law to be maintained by owners of vehicles engaged in the business of carrying or transporting passengers for hire.
b. The licensee shall notify the commissioner of any modification, amendment, cancellation or substitution of any insurance policy required under subdivision a of this section within ten days of notice to the licensee of such modification, amendment, cancellation or substitution.
Editor's note: For related unconsolidated provisions, see Appendix A at L.L. 1989/089.