Such statement shall be accompanied by a policy of liability insurance for each taxicab. Such policy shall be acceptable to and approved by the Director and shall be written by an insurance company authorized to carry on business in the State of Ohio. The policy shall indemnify such taxicab operator in the sum of at least one hundred thousand dollars ($100,000) for injury to one person, three hundred thousand dollars ($300,000) for injury to more than one person, and fifty thousand dollars ($50,000) property damage in any one accident resulting from the operation of the taxicab of such operator. The policy shall further contain a clause obligating the insurer to give ten days written notice to the Director before cancellation or expiration of the policy. The Certificate shall expire upon the lapse or termination of the policy of insurance. Such policy of insurance shall also contain a provision for the continuing liability thereunder for the full amount, notwithstanding any recovery thereon. If at any time, in the judgment of the Director, such policy of insurance is not sufficient for any cause, the Director may require the operator of such taxicab to replace the policy of insurance with another approved by the Director.
(Ord. 1999-23. Passed 1-19-99.)