(A) No person shall operate taxicabs or engage in the business of operating taxicabs for the transportation of persons for hire within the city unless the applicant for a license, under the provisions of § 111.05 of this chapter, deposits with the mayor a policy or certificate of liability insurance for the taxicab for which a license is applied. The insurance shall be acceptable to and subject to the approval of the city solicitor and shall indemnify the applicant in the sum of $40,000 for injury to one person, $80,000 for injury to more than one person and $10,000 for property damage in any one accident through the operation of the taxicab for which license is applied.
(B) The policy shall further contain a clause obligating the surety company or insurance company writing the policy to give 10 days written notice to the mayor before cancellation of the policy. Upon the lapse, expiration, or termination of the policy and insurance, the license issued under the provisions of § 111.05 of this chapter, shall expire.
('68 Code, § 52.12; Am. Ord. 11-1975, passed 2-19-75) Penalty, see § 111.99