(a) No person shall operate taxicabs or engage in the business of operating taxicabs for the transportation of person for hire within the City unless the applicant for a license, under the provisions of Section 751.02, deposits with the City Manager a policy or certificate of liability insurance for each taxicab. Such insurance shall be acceptable to and subject to the approval of the Law Director and shall indemnify the applicant in the sum of at least three hundred fifty thousand dollars ($350,000.00) for injury to one person, six hundred fifty thousand dollars ($650,000.00) for injury to more than one person and sixty- five thousand dollars ($65,000.00) for property damage in any one accident through the operation of each taxicab.
(b) The policy shall further contain a clause obligating the surety company or insurance company writing the policy to give ten days’ written notice to the City Manager before cancellation of the policy. Upon the lapse, expiration or termination of such policy and insurance the taxicab operator’s license issued under the provisions of Section 751.02 shall expire.
(Ord. 1580. Passed 7-6-64; Ord. 5131. Passed 2-7-05.)