(A) The cost of the license required under § 113.01 shall be $50 per year. The license shall be issued annually on the first day of May in each year and shall not be transferable.
(B) No person, firm or corporation can purchase a license under this chapter until it has obtained a policy of insurance, subject to the approval of the Town Council, guaranteeing the payment of all damages, both person and property, which may result from any and all accidents due to the negligence in the use or operation of that motor vehicle for hire within the town, which shall be payable for the benefit of persons who may suffer personal injury or property damage on account of such negligence. The policy of insurance for each licensed taxicab shall be in the minimum sum of $100,000, conditioned for the payment of any final judgments recovered against the person for the death or injury of persons caused in the operation, maintenance, use, or defective condition of the taxicab. The policy shall be limited to the minimum sum of $300,000 to more than one person, and limit the liability of the insurer to a minimum $100,000 for damages to, or destruction of, property. The policy of insurance shall be kept in full force and effect at all times and failure to do so shall be cause for the revocation or suspension of the license, without hearing or notice, to the holder of the license.
(C) Any person who operates a taxicab without furnishing the town with a certificate of insurance, showing the vehicle is properly insured as required by this chapter, shall be subject to a civil fine of $250 per violation. Each day a taxicab is operated in violation hereof shall be considered a separate violation. The insurance policies required herein must contain an endorsement that cancellation of the policy, by the insurer, may be effected only upon 30 days’ written notice by the insurer to the town of the insurer’s intention to terminate the policy.
(Ord. 1946-1, passed 4-2-46; Am. Ord. 2019-01, passed 2-19-2019)