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(a) (1) The liability insurance required by this division (a) for a vehicle for hire shall provide at least the following coverage:
A. Auto liability of comprehensive form shall be provided on all vehicles of not less than $500,000 bodily injury and property damage combined single limit.
B. The policy or certificate shall not be modified or canceled without 30 days' actual notice to the city's licensing specialist.
C. The cancellation or other termination of any required insurance policy shall automatically revoke and terminate all licenses issued for the business, independent contractors, and the vehicles covered by such insurance policy(ies), unless another policy(ies), complying with this section, shall be provided and in effect at the time of such cancellation or termination.
(2) The limits established in this division (a) can be provided on one policy or base policy in combination with excess limits policy in a manner and combination acceptable to the city.
(b) The coverage shall be continuing, notwithstanding any recovery or settlement thereunder.
(1957 Rev. Ords., § 8.706; 1992 Code, § 43-35) (Ord. 84-82, passed 8-9-1982; Ord. 137-98, passed 12-21-1998; Ord. 33-02, passed 5-6-2002; Ord. 140-06, passed 10-16-2006; Ord. 36-10, passed 4-12-2010; Ord. 24-14, passed 4-15-2014; Ord. 108-15, passed 11-2-2015)