No certificate of public convenience and necessity shall be issued, nor shall any taxicab be operated on the streets of the City until such taxicab company has filed with the Director of Public Service and Safety a liability insurance policy for each taxicab. Such policies shall be subject to approval by the Director of Law and shall be kept on file with all other records relating to this license and shall be written by an insurance or liability company authorized to carry on business and to write such policies in the State and having a capital and surplus of more than one million five hundred thousand dollars ($1,500,000), according to its most recent financial statement. A copy of the policy shall indemnify such taxicab company in the sum of at least one hundred thousand dollars ($100,000) for injury or death to one person, and three hundred thousand dollars ($300,000) for injury or death to more than one person, and one hundred thousand dollars ($100,000) for property damage in any one accident through the operation of the taxicab of such taxicab company. With such policy shall also be deposited a receipt showing premium payment for not less than six months.
Such policy shall further contain a clause obligating the insurance carrier to give ten days' notice to the Director of Public Service and Safety before cancellation of such policy.
(Ord. 10460/92. Passed 11-24-92.)