(a) It shall be unlawful for any pedicab business to operate or authorize the operation of a pedicab within the Village unless there is in force for such pedicab a policy of insurance that meets the requirements of this section.
(b) Such policy of liability insurance shall insure such pedicab business and all pedicab drivers of the pedicabs of such business, whether such pedicab drivers are employees of the pedicab business or operate such pedicabs otherwise by agreement with the pedicab business. Such insurance policy must provide, at minimum, the following protection:
(1) The pedicab business carries a policy providing liability coverage for injury or death of any person or persons, and damage to or destruction of any property in a combined single limit amount of one million dollars ($1,000,000), with a maximum of one million dollars ($1,000,000) for each accident, where liability for such injury or death of a person or persons, or damage to or destruction of property shall arise out of the operation of the pedicab business's pedicabs; or
(2) Each pedicab is insured in at least the following amounts, where liability for such injury or death of a person or persons, or damage to or destruction of property shall arise out of the operation of the pedicab:
A. For personal injury or death to one person, one hundred thousand dollars ($100,000);
B. For personal injury or death to all persons in one accident, three hundred thousand dollars ($300,000), with a maximum of one hundred thousand dollars ($100,000) for each person; and
C. For property damage, fifty thousand dollars ($50,000).
(c) Such policy of liability insurance shall name the Village as an insured party.
(d) The pedicab business shall notify the Village Fiscal Officer of any modification, amendment, cancellation or substitution of any insurance policy required under division (b) of this section within 14 days of the date of the notice to the pedicab business of such modification, amendment, cancellation or substitution.
(e) If the policy of insurance required by this section lapses for any reason, the license issued pursuant to Section 802.04 of the Village Ordinances shall become void for such pedicab business.
(Ord. 1009-11. Passed 4-11-11.)