(A) Every taxicab owner operating in the town shall file with the Town Council and keep in effect at all times a policy or policies of insurance with some company duly permitted by the State Insurance Commissioner to do business in the state, or provide a surety bond approved by the Town Council, with solvent surety, in the total amount or the penal sum specified herein, conditioned on the owner responding in damages for any liability incurred on account of any injury to persons or damage to property resulting from the operation of any taxicab operated by him or her in the amounts required by G.S. § 20-281.
(B) The insurance or bond shall secure payment in accordance with the provisions thereof to any person, except employees of the owner, for personal injuries to the persons and for any damage to property, except property owned by, rented to, leased to or transported by the owner, other than baggage of passengers, caused by the operation of the taxicab for the following amounts:
(1) In respect to injuries, to the extent of $500,000 for the injury or death of any one person and subject to that limit for each person, $1,000,000 for each accident;
(2) In respect to damage to property, $50,000 for each accident.
(C) In the event that a judgment is rendered against any taxicab owner in any court of competent jurisdiction by reason of any accident for which the insurance policy or bond is herein provided, the owner shall, within 24 hours after the rendition of the judgment, increase the total amount of the insurance or the penal sum of the bond so that there shall be kept in effect, in the manner contemplated by law, insurance or bond upon which there has been no recovery of not less than the minimum provided herein.
(D) No taxicab shall be operated within the limits of the town unless the insurance policy or bond provided for herein is on file with the Town Council and is in full force and effect, and unless a certificate thereof identifying the vehicle by motor serial number is carried in the cab and displayed upon demand of any law enforcement officer. Every bond filed hereunder shall contain a provision and every insurance policy filed hereunder shall contain a provision or have an endorsement that no cancellation thereof shall be effective until not less than 5 full days of 24 hours each have elapsed from the actual receipt of notice of the proposed cancellation by the Town Council. The person to whom notice of cancellation is given as herein provided shall note thereon, in writing, the date and hour at which the notice of cancellation was received.
(E) If the taxicab owner who filed the bond or insurance policy as required by this section is still operating before the cancellation becomes effective, all taxicab operations by the owner within the limits of the town shall cease at the time the cancellation becomes effective, and the owner's certificate of public convenience and necessity and other rights under this chapter shall be automatically suspended.
(Ord. passed 2-1-99) Penalty, see § 10.99