No taxicab permit shall be issued or continued in operation unless there is in full force and effect a liability insurance policy issued by an insurance company authorized to do business in the State, covering each vehicle authorized in the amount of one hundred thousand dollars ($100,000) for bodily injury to any one person; in the amount of three hundred thousand dollars ($300,000) for injuries to more than one person which are sustained in the same accident and fifty thousand dollars ($50,000) for property damage resulting from any one accident or a bond or policy of insurance conforming to the requirements of a recognized municipality and covering operations within the City. The insurance shall inure to the benefit of any person who is injured or who sustains damage to property proximately caused by the negligence of a holder, his servants or agents. A copy of the policy or bond shall be filed in the office of the Clerk-Auditor together with an endorsement or certificate by the insuring company that coverage thereunder shall not be cancelled or terminated without first notifying the Clerk-Auditor in writing, by certified or registered mail, of the date of any proposed cancellation or termination of coverage, at least ten days in advance of such date.
(Ord. 70-1964. Passed 5-19-64)