(a) The policy shall be conditioned for payment of any judgments recovered against such applicant, whether a person, firm, copartnership, corporation or association, for death or injuries to persons or damage to property, caused in the operation, maintenance or use, or the defective construction of the taxicab or motor vehicle for hire to be licensed.
(b) The policy shall provide that the extent of the liability of the insured as to any one licensed vehicle is the sum of twenty thousand dollars ($20,000) on account of injuries or death of any one person in any one accident, forty thousand dollars ($40,000) on account of any one accident resulting in the injury or death of more than one person, and one thousand dollars ($1,000) on account of damage to property in any one accident.
(c) The policy of insurance shall also contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon, and that until the policy is revoked, as herein provided, the insurance company will not be relieved from liability on account of nonpayment of premium, failure to renew license at the end of the year, or any act or omission of the named assured. Such policy of insurance shall be further conditioned for payment of any judgment up to the limits of such policy, recovered against any person other than the owner, his agent or employee, who may operate the same with the consent or acquiescence of the owner.
(Ord. 223. Passed 4-22-47.)