No person shall operate a taxicab within the Village without first filing with the Village Manager proof of the fact that such person is adequately insured or bonded, or has a net worth sufficient to guarantee compensation to any person injured or damaged in person or property while being carried as a passenger in such taxicab, or any person injured or damaged in person or property by the operation of such taxicab, whether a passenger or not, if such injury or damage is caused by the negligence or intended act of the operator or owner of such taxicab. The aggregate amount of such insurance or bond shall not be less than three hundred thousand dollars ($300,000). Such proof shall accompany the application for a license and shall remain continuously on file during the life of such license.
(Ord. 83-16. Passed 11-21-83.)