(a) No license to operate any public vehicle kept for passenger hire, other than a motor bus, shall be issued or renewed by the Mayor and it shall be unlawful to operate any such public vehicle or permit such to be operated, unless and until the applicant shall deposit, and maintain on deposit with the Mayor a policy or policies of liability insurance issued by a company duly licensed to transact business in this State insuring within the amount specified in such policy, the owner of such taxicab or automobile and also any person (herein called operator) operating the same in the Municipality, as a taxicab or automobile for passenger hire under authority of such owner, whether such authority be under contract of employment, lease or other transaction of the owner or owner’s assignee or lessee and such person operating such car, against loss from liability imposed by law for damages on account of bodily injuries or death and/or for damage to property (other than injuries, death or property damages of the insured or insured’s employees), resulting from such ownership, maintenance or use of such taxicab or automobile so kept for passenger hire in the Municipality and agreeing to pay to any judgment creditor, to the extent of the respective amounts specified in such policy any judgment rendered against the insured or such operator by reason of such liability, approved as to sufficiency by the Mayor and as to legality by the Solicitor. The insurance policy or policies referred to in this section shall also save the Municipality harmless and free from any liability incurred by any action of such taxicab owner-operator or an employee thereof.
(b) The extent of the liability of the insurer shall be, as to any one licensed public vehicle operated by the applicant, his agent, or employee, the sum of fifty thousand dollars ($50,000) on account of injuries to, or death of, any one person in any one accident, and subject to such limit as respects injury to or death of any one person; one hundred thousand dollars ($100,000) on account of one accident resulting in injuries to or death of more than one person and ten thousand dollars ($10,000) on account of damage to property in any one accident.
(c) Every such policy or certificate of insurance shall contain a clause obligating the insurers to give to the Mayor at least ten days written notice before the cancellation, expiration, lapse or other termination of such policy or policies and the license granted shall expire upon the termination of such insurance or upon the termination of the liability of the insurer thereon, in accordance with such notice, unless a new policy or certificate of liability insurance, approved as hereinbefore provided shall be substituted therefor. Failure to give the notice required shall operate to continue the liability of the insurer for the benefit of persons injured or damaged as though said policy continued in full force and effect.
(d) In the event of recovery of any final judgment the owner of any taxicab or taxicabs, from damages on account of bodily injuries or death and/or for damages to property (other than injuries, death or property damage of the insured or insured’s employees) resulting from such ownership, maintenance or use of such taxicabs or automobile so kept for passenger hire in the Municipality and the nonpayment thereof for a period of three days thereafter, the Mayor shall forthwith revoke all licenses of all the taxicabs of such owner, in the manner provided for herein. Such policy shall be renewed annually to the satisfaction of the Mayor.
(Ord. 891. Passed 2-15-71.)