(A) No person shall engage in the business of operating a taxicab within the town unless he or she first files with the Chief of Police proof of financial responsibility. As used in this section, proof of financial responsibility shall mean a certificate of any insurance carrier duly authorized to do business in the state certifying that there is in effect a policy of liability insurance insuring the owner and operator of the taxicab business and his or her agents and employees while in the performance of their duties against loss from any liability imposed by law for damages, including damages for care and loss of service because of bodily injury to or destruction of property caused by accident arising out of the ownership, use or operation of the taxicabs, subject to limits, exclusive of interest and costs, with respect to each motor vehicle as follows: $25,000 because of bodily injury or death of one person in any one accident, and subject to the limit for one person; $50,000 because of bodily injury to or death of two or more persons in any accident; and $10,000 because of injury to or destruction of property of others in any one accident.
(B) Before any certificate of insurance provided for in this section may be canceled, ten days' notice shall be given to the Chief of Police by the insurance carrier prior to the date of the cancellation.
(Ord. 00-08, passed 10-10-00) Penalty, see § 10.99