(a) The horse-drawn carriage, operator and owner of the service shall be adequately insured for the following: For injury or death of individuals in accidents resulting from any cause for which the operator or owner of the horse-drawn carriage would be liable on account of liability imposed on him by law in the minimum amount of three hundred thousand dollars ($300, 000) regardless of whether the horse-drawn carriage is driven by the owner or agent; and for the loss or damage to the property of another, including personal property, under the circumstances, in the minimum amounts of two hundred fifty thousand dollars ($250,000) to five hundred thousand dollars ($500, 000) for bodily injury and one hundred thousand dollars ($100,000) for property damage and under such terms as may be required by the Director.
(b) Such insurance policies shall be submitted to the Director for approval prior to the issuance of each horse-drawn carriage license. Satisfactory evidence that such insurance is at all times in force and effect shall be furnished to the Director, in such form as he may specify, by all licensees required to provide such insurance under the provisions of this chapter.
(c) Every insurance policy required hereunder shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon, that by the insolvency or the bankruptcy of the assured, and that until the policy is revoked the insurance company will not be relieved from liability on account of nonpayment of premium, failure to renew license at the end of the year, or any act or omission of the named assured. Such policy of insurance shall be further conditioned for the payment of any judgments up to the limits of such policy, recovered against any person other than the owner, his agent or employee, who may operate the same with the consent or acquiescence of the owner.
(d) Every insurance policy required hereunder shall extend for the period to be covered by the license applied for and the insurer shall be obliged to give not less than thirty days written notice to the Director and to the assured before any cancellation or termination thereof earlier than its expiration date and the cancellation or other termination of any such policy shall automatically revoke and terminate the licenses issued for the horse-drawn carriages covered by such policy, unless another policy complying with the provisions of this section shall be provided and be in effect at the time of such cancellation or termination.
(Ord. 76-83. Passed 9-19-83.)