No certificate of public convenience and necessity shall be issued under this chapter until the applicant therefor deposits with the Village Manager a policy of liability insurance covering all vehicles to be licensed under the certificate or evidence satisfactory to the Village Attorney that such a policy is in full force and effect. Such policy shall be issued by a company licensed to do business in the State and shall insure the licensee against loss from liability in the amount of fifty thousand dollars ($50,000) for the injury or death of one person in any one accident, in the amount of one hundred thousand dollars ($100,000) for the injury or death of more than one person in any one accident and in the amount of five thousand dollars ($5,000) for damage to the property of others for any one accident due to the negligent operation of any such vehicle. The policy of insurance shall be approved by the Attorney as to conformity with the terms of this chapter and shall contain a provision that the same may not be cancelled before the expiration of its term except upon ten days written notice to the Village. The cancellation or other termination of any insurance policy issued in compliance with this section shall automatically revoke and terminate the validity of the certificate of public convenience and necessity under which the vehicles covered by such insurance policy were licensed, unless another policy has been filed and approved pursuant to this section and will be in effect at the time of such cancellation or termination.
(Ord. 203. Passed 7-9-57; 1976 Code 17-4.)