The license shall not be issued until the applicant also files with the Mayor a memorandum copy or certificate of a policy of public liability and property damage insurance, issued by an insurance company authorized to do business in the State, to be approved by the Law Director. The amount of such policy of insurance for liability for bodily injury or death of one person shall not be less than two hundred thousand dollars ($200,000) for any one occurrence, not less than six hundred thousand dollars ($600,000) for injuries to more than one person in any one occurrence and the amount of such policy for damage to property of others shall not be less than two hundred thousand dollars ($200,000). Medical payment insurance shall be in the limits of five thousand dollars ($5,000) per person per occurrence and an aggregate amount of twenty-five thousand dollars ($25,000) for injuries to more than one person in any single occurrence. The terms and conditions of such policy covering such operations are to be such as to assure persons against loss by liability imposed by law by reason of any accidental personal injury, death or medical payment to any person other than the assured or his employees, or by reason of any such loss or damage of property of any person other than the assured or his employees. Each policy of insurance shall contain a provision obligating the insurer to give Council written notice of cancellation not less than thirty days prior to the date of cancellation. The applicant shall, upon request of the Mayor, submit the original or a certified copy of any policy for inspection at any time.
Irrespective of the requirements as to insurance to be carried, the insolvency, bankruptcy or failure of any insurance company carrying insurance for any applicant or licensee hereunder, or the failure of any such company to pay claims accruing, shall not be held to waive any of the provisions of this chapter. The applicant shall pay promptly all premiums for such insurance in strict accordance with its obligations to its carrier and maintain such coverage in full effect so long as the license is in effect.
Failure to keep such policy in full force and effect in accordance with the provisions of this section shall be unlawful and shall be punishable in accordance with the provisions of this chapter.
(Ord. 120-77. Passed 11-22-77.)
(Ord. 120-77. Passed 11-22-77.)