The applicant for a license under this chapter shall provide with the application proof of financial responsibility to enable the City Council to determine that the applicant is financially able to pay and discharge any damages which may be assessed against the applicant or any of the applicant’s taxi operators in an amount not less than $500,000 in any one accident and $250,000 to any one person for personal injury. Also, for any damages which may be assessed against the applicant or any of the applicant’s taxi operators an amount of not less than $100,000 for property damage resulting from the negligent operation of taxi service vehicles licensed under this chapter shall be required. Such policies shall name the city as an additional insured. All insurance required by this section shall be maintained in effect at all times.
(Prior Code, § 66-35)
Statutory reference:
Minimum amounts of financial responsibility, see I.C. 9-25-4-5