No person shall own or operate a taxicab or automobile for hire, or permit the same to be operated, nor shall any license be issued hereunder unless the applicant for such license deposits for filing with the Director of Finance:
(a) A policy or certificate of liability insurance, for each taxicab for which a license is issued, by an insurance company licensed to do business in the State of Ohio with a “Bests” rating of B+-IX or better, which policy shall “pay on behalf of” the applicant:
(1) Liability insurance with limits of one hundred thousand dollars ($100,000) per person bodily injury, and three hundred thousand dollars ($300,000) per accident, and fifty thousand dollars ($50,000) per occurrence property damage.
(2) Covering all vehicles owned or operated by applicant, all hired and non- owned motor vehicles and all substitutes therefor.
(3) Written on a comprehensive form of policy with employees as additional insureds.
(4) Providing medical payments coverage of not less than ten thousand dollars ($10,000).
(5) Providing uninsured and underinsured motorist coverage in an amount of not less than that required in paragraph (a)(1) hereof.
(6) Deleting any exclusions or limitations or exceptions as follows:
A. Liability assumed by the insured under contract or agreement.
B. Property damage to property being transported by or in the care, custody or control of the insured unless this coverage is otherwise provided under a specified inland marine contract of insurance in an amount of not less than twenty-five thousand dollars ($25,000).
C. When the vehicle is being used as a public livery conveyance.
(7) The policy or certificate shall further contain the warrantee by the insurance company that in the event of any cancellation, nonrenewal or material change in the terms and conditions of such policy, the Director of Public Safety shall be given thirty days of advance notice of same.
(Ord. 84-106. Passed 1-22-85; Ord. 97-6. Passed 2-4-97; Ord. 2010-12. Passed 3-23-10.)