A license fee of twenty-five dollars ($25.00) per cab per annum shall be paid to the Finance Officer. This fee shall be collected only once even though the particular taxicab is used as a taxicab by more than one taxicab driver.
Each applicant shall also file with the City Manager, at the time of the payment of such fee, a liability insurance policy, licensed to do business in the State, which insurance policy shall be in the minimum sum of two hundred fifty thousand dollars ($250,000) for each person indemnified and with a minimum total liability of five hundred thousand dollars ($500,000) for any one accident, which policy of insurance shall be subject to the approval of the City Manager.
Such insurance shall be maintained on an occurrence basis with no annual aggregate limits and in such sums at all times and until every claim against the operator for damages, injuries or death incurred or suffered by property or person, through neglect or wrongful act of the taxicab operator, his or its agents or employees in the conduct of such business is completely satisfied. The insurance policy shall be so conditioned that the taxicabs of the operator will be operated in accordance with the laws of Ohio and the Charter and ordinances of the City.
Further provisions shall be contained in insurance policy that the bankruptcy or insolvency of the operator shall not release the insurer from the payment required, but shall remain in full force and effect and available to any person damaged, the same as though the operator was not insolvent or bankrupt.
Further, any such policy shall make provisions for compensation for damages caused only to the property of any person in the sum of not less than fifty thousand dollars ($50,000).
The policy shall not be cancelled before ten days' written notice of the intention to cancel has been given to the City Manager and that the policy shall remain in full force and erect until after the expiration of ten days from the date of service of such written notice. Such policy shall be renewed annually to the satisfaction of the City Manager.
(Ord. A-2219. Passed 9-11-00.)