Sec. 4-231 Insurance and Bond Requirements of Taxi Cab Owners/Operators. 10
No license shall be issued for any taxi cabs or to any operator thereof until the owner of the taxi cab shall file with the Town Clerk-Treasurer an insurance policy issued by a responsible insurance company licensed to do business in the State. The insurance company and the form of the policy shall be approved by the Town Council. These policies shall co-insure the Town of Schererville, Indiana, and shall provide insurance coverage for each and every taxi cab owned and operated by the applicant within the Town with a minimum of five hundred thousand dollars ($500,000.00) for comprehensive coverage including personal injury and property damage regardless of whether the taxi cab was driven by the owner or an employee.
No license shall be issued for a taxi cab unless it shall comply with the following rules and regulations:
1. In lieu of the policy of insurance provided for here above, licensee may furnish a good and sufficient surety bond or bonds in a form to be approved by the Town Council in the penal sum of three hundred thousand dollars ($300,000.00) with a surety company authorized to do business in the State, to run to the Town to indemnify it against any loss due its authorizing the licensee to proceed under this section. In addition, the licensee shall post with the Town an insurance policy, providing for minimum liability coverage of three hundred thousand dollars ($300,000.00) for the death or injury of any person, and three hundred thousand dollars ($300,000.00) for the death or injury of any number of persons in any single accident and a limit of minimum liability of twenty-five thousand dollars ($25,000.00) for property damage in any one accident, regardless of whether the taxi cab was being driven by the owner or his employees.
2. No license shall be issued under this section unless the licensee shall show proof that he has obtained a valid certificate of self-insurance from the State Bureau of Motor Vehicles.
(Ord. No. 1378, § 1, 4-9-97)
Notes
| 10 | Editor's Note: The reader should consult Ord. No. 543, § 4 for paragraphs a-d. |