A. Before any permit for a pedicab shall be issued, the owner shall file with the Village Clerk an insurance policy issued by an insurance company licensed to do business in this state, providing insurance coverage for each and every pedicab owned, operated or leased by the applicant with a minimum of one million dollars ($1,000,000.00) for the injury or death of any one (1) person; and two million dollars ($2,000,000.00) for the injury or death of any number of persons in any one accident, and fifty thousand dollars ($50,000.00) for property damage resulting from any one accident, regardless of whether the pedicab was being driven by the owner, his/her agent, employee, lessee or permittee.
B. The policy shall contain a provision requiring the village to be named as an additional insured for the sole purpose of the village being notified by the insurance company of any cancellation, termination, or expiration of the policy thirty (30) days prior to that event. The cancellation or other termination of any insurance policy issued for or in compliance with the provisions of this chapter shall automatically terminate any license issued for the pedicab covered by such insurance policy unless another policy complying with the provisions of this chapter shall be provided and in full force and effect at the time of such cancellation or termination. (Ord. 2019-17, 6-13-2019)