Every licensee shall obtain and keep in force public liability and property damage insurance with solvent and responsible insurers, to secure the payment of any loss or damage which may result from any occurrence arising out of the operation, use or possession of any of the licensee's public passenger vehicles. In lieu of an insurance policy, the personal undertaking of the public passenger vehicle company licensee or public passenger vehicle licensee secured by a surety bond of a corporate, solvent and responsible surety may be accepted by the Administrator in lieu of all or part of such insurance. Every insurance policy or bond shall:
(1) Insure the licensee, each public passenger vehicle owned or operated by the licensee and all drivers of the licensee's public passenger vehicles;
(2) Provide for the payment and satisfaction of any judgment or award, up to the prescribed limits of insurance, rendered against the insured for damages arising out of ownership or operation of the insured vehicles;
(3) Be unconditional;
(4) Be non-cancelable except upon 30 days' written notice to the Village Clerk;
(5) Run concurrently with the license year, May 1 through April 30;
(6) Comply with applicable state law including the provisions of ILCS Ch. 625, Act 5, § 7-601 et seq.;
(7) Provide coverage in the following amounts:
(a) $100,000 for injury to or death, per person, per motor vehicle accident;
(b) $300,000 for combined single limit;
(c) $50,000 for damage to property; and
(8) Shall name the Village as an additional insured. Certified copies of all insurance policies and/or surety bonds shall be kept on file with the Village Clerk.
(B) Every insurer and/or surety providing the insurance policy or bond required by this section must be a state corporation or a foreign corporation qualified to transact business in this state, and approved to underwrite the required risks by the State Department of Insurance.
(C) Every public passenger vehicle company licensee and every public passenger vehicle licensee shall pay every judgment or award rendered against it by any court or commission of competent jurisdiction, for loss or damage arising out of the operation of any of the public passenger vehicle company's public passenger vehicle, within 90 days after such judgment or award shall have become final and not stayed on appeal.
(Ord. 98-2131, passed 8-25-98) Penalty, see § 123.99