(A) Before a license required by § 113.01 shall be issued or renewed, the applicant therefore shall post or maintain with the Clerk-Treasurer either an indemnity bond or a policy of public liability insurance, approved as to form by the City Attorney that the licensee will indemnify and hold harmless the city, its council persons, agents and employees, from any and all loss, costs, damages or expenses, by reason of any and all liability which may result from or arise out of the granting of the license for the operation of a carriage for which a license is issued, and that the licensee will pay any and all loss or damage that may be sustained by any person resulting from or arising out of the legal or negligent operation or maintenance of a carriage. The bond or policy of insurance shall be maintained in its original amount by the licensee at his expense at all times during the period for which the license is in effect. In the event that two or more licenses are issued to one licensee, on such bond or policy of insurance may be furnished to cover two or more vehicles. If a claim is paid during any period of coverage which causes the aggregate amount of available insurance to fall below $300,000, the licensee shall enter the market place and purchase additional layers of insurance so that there is a minimum of $300,000 of available insurance during the remainder of the policy period.
(B) The limit of liability upon any bond or policy posted pursuant to division (A) shall in no case be less than $500,000 for death or injury of one person, $1,000,000 for total liability for death or personal injury arising out of any event or casualty and $75,000 for property damage.
(C) Any bond posted pursuant to this section shall be accompanied by good and sufficient sureties approved by the Clerk-Treasurer.
(D) The Clerk-Treasurer shall notify the licensee under this chapter of any claims which the city has notice, where such claim arises from the operation or maintenance of any carriage.
(E) The licensee under this chapter shall notify the Clerk-Treasurer of any claim of which the licensee has notice, where such claim arises from the operation or maintenance of any carriage.
(Ord. 1997-4, passed 6-5-97)