(A) Every applicant for a taxicab owner/operator license shall exhibit and file with the Mayor a policy or certificate of commercial liability insurance covering the business and each taxicab for which a license is sought, issued by an insurance company licensed, and admitted to do business in the state.
(B) The policy or certificate of liability insurance must provide coverage for both passengers and third parties and shall pay on behalf of the insured:
(1) Liability insurance with minimum limits of $100,000 per person for bodily injury and $300,000 per accident for bodily injury;
(2) Property damage insurance with minimum limits of $25,000;
(3) Medical payments insurance with minimum limits of $5,000 per person; and
(4) Uninsured and under-insured motorist coverage or not less than $25,000 per person.
(C) The policy shall not include any exclusions, limitations, or exceptions substantially as follows: “When the vehicle is being used as a public livery or conveyance”.
(D) The policy or certificate of insurance shall further contain a provision that, in the event of any cancellation, non-renewal, or material change in the terms and conditions of such policy, the insurance company or its agent shall provide the Mayor with at least ten days’ advance notice in writing.
(E) The policy shall be maintained and shall remain in full force and effect during the entire licensing period, including any renewals thereof.
(F) The policy shall further provide that the insolvency or bankruptcy of the insured shall not release the insurance company from payment required to be made by the policy otherwise, but shall remain in full force and effect, and available to any injured or damaged person the same as though the licensee was not insolvent or bankrupt.
(G) The policy shall be an occurrence, and not a claims made only, type of policy.
(Prior Code, § 115.11) (Ord. 99-7, passed 4-20-1999)