(A)   No person shall operate a taxicab or other vehicle for hire, or permit the same to be operated, nor shall any permit be granted, unless and until the applicant for that right deposits with the Director of Public Safety and Service a policy or certificate of liability insurance covering both passengers and third parties, indemnifying the taxicab company in the sum of at least $300,000 for injury or death to one person, $500,000 for injury or death to more than one person and $100,000 for property damage in any one accident arising out of the operation of any of the taxicab company’s vehicles.
   (B)   Such policy shall be proved by any insurance or liability carrier authorized to issue this type of insurance in the state and shall contain a provision obligating the insurance carrier to give 15 days written notice to the Director of Public Safety and Service before cancellation or termination of the insurance.
(2003 Code, § 112.04)  (Ord. 2771, passed 12-17-1987; Ord. 3152, passed 7-18-1996)  Penalty, see § 10.99