Every licensee holding a license to operate a bus service pursuant to the provisions of this subchapter shall maintain in full force and effect at all times a policy, naming the city as additional insured, of public liability and property damage insurance, covering each vehicle so used, in an amount not less than $250,000 for injury to or death of one person, $500,000 per occurrence and $100,000 for damage or destruction of property. The licensee shall furnish proof of such coverage by filing with the City Secretary a valid certificate of insurance or, in lieu thereof, a true multiple original of any such policy. The policy shall contain a clause requiring that 30-days’ notice be given to the city prior to cancellation. If such notice of cancellation is given by the insurance company, the licensee shall obtain new insurance before the expiration of the 30-day period; if the licensee fails to do so his or her license may be revoked after a hearing as provided for in § 112.38(B) of this chapter.
(1998 Code, § 126-315) (Ord. 93-74, passed 1-19-1994)