(A) Before the City Clerk shall issue a license to operate a taxicab company for hire, the licensee shall file with the City Clerk-Treasurer certificate executed by a duly authorized officer of an insurance insurance company authorized to write insurance in the state, to the effect that a policy of insurance has been issued to the licensee for the taxicab and is in full force and effect and that the premium has been paid as required thereon, together with a true copy of the policy contract or certificate of insurance. The policy of insurance for each licensed taxicab shall be in the sum of at least $100,000 for each occurrence of loss. The licensee shall not operate the taxicab or taxicabs until the insurance has been obtained and certificates furnished as herein required.
(B) Any insurance company whose policy has been so filed pursuant to this section, may file a notice in the office of the City Clerk-Treasurer of its intention to terminate and cancel the policy of insurance and give notice thereof to the named licensee, after ten days of the filing unless the licensee or owner complies with the provisions of this chapter with respect to insurance, the licensee shall cease to operate or cause to be operated within the city the taxicab for hire. The license issued therefor shall be automatically revoked. However, the liability of the insurance company under the canceled or revoked policy for any act or omission of the licensee or owner occurring prior to the effective date of cancellation shall not be discharged or impaired thereby.
('71 Code, § 120.04) (Ord. 13-89, passed 6-26-89; Am. Ord. 17-96, passed 6-25-96)