No person shall operate a taxicab, or permit such to be operated, nor shall any license be issued hereunder until and unless the applicant for a license hereunder deposits with the Director of Public Safety:
(a) A bond of the applicant with a solvent and responsible surety company, authorized under the laws of the State, as surety thereof, acceptable to and approved by the Safety Director and the Director of Law, and the bond conditioned that the applicant shall pay all final judgments recovered against the applicant for injury to one person up to the sum of twenty thousand dollars ($20,000) and forty thousand dollars ($40,000) for injury to more than one person and five thousand dollars ($5,000) property damage in any one accident during the operation of the taxicab of the applicant; provided, that an applicant seeking a license to operate not more than three taxicabs may file a bond of twenty thousand dollars ($20,000); and the bond shall contain a further provision obligating the surety company to give ten days written notice before cancellation of the bond to the Safety Director, the license to expire on the lapse or termination of the bonds; or
(b) A policy or certificate of liability insurance for each taxicab for which a license is sought, acceptable to and approved by the Safety Director and the Director of Law, indemnifying the application in the sum of at least twenty thousand dollars ($20,000) for injury to one person and forty thousand dollars ($40,000) for injury to more than one person and five thousand dollars ($5,000) property damage in any one accident through the operation of the taxicab of the applicant. The policy shall further contain a clause obligating the surety company to give ten days written notice to the Safety Director before cancellation of the policy, the license to expire upon the lapse or termination of the policy of insurance.
(c) The bond or policy of insurance shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon. If at any time in the judgment of the Safety Director the bond or policy is not sufficient for any cause the Safety Director may require the owner of the taxicab to replace the bond or policy with another approved by the Safety Director and the Director of Law.
(Ord. 1958-83. Passed 10-13-58.)