A. Before any license is issued to a taxicab owner or operator thereof, such person shall file with the City Clerk, to be approved by the City Attorney, an insurance policy specified as follows: An insurance policy issued by an insurance company licensed and authorized to do business in the State, providing liability insurance coverage for each and every taxicab owned, operated, or leased by the applicant, with liability coverage not less than the amount required under 47 O.S. § 8-104 for an injury or death, for each accident, and for property damage. The insurance coverage shall be effective whether the taxicab was at the time of any accident driven by the owner, his agent, employee, lessee or licensee, and endorsed thereon on a form approved by the City Attorney. The policy shall further provide that it cannot be cancelled until written notice of the proposed cancellation has been filed with the City Clerk.
B. Such policy must be approved by the City Attorney, and if approved, shall remain in full force and effect during the period of the license issued. If the policy is allowed to lapse after the issuance of the license, the license will be revoked.
(Code 1991, § 9-404; Ord. No. 01-10, § 1, 8-6-2001)