785.04 BOND OR LIABILITY INSURANCE.

   No person shall operate a taxicab, rented automobile or rented motorcycle business or permit such vehicles to be operated without a license. No license for such business shall be issued under this chapter until and unless the applicant for the license deposits with the Risk Manager:

   (a)   A bond of the applicant with a solvent and responsible surety company, authorized under the law, as surety thereof, acceptable to and approved by the Risk Manager. The bond shall be conditioned so that the applicant shall pay all final judgments recovered against him for injury to one person up to the sum of one hundred thousand dollars ($100,000) and three hundred thousand dollars ($300,000) for injury to more than one person, and one hundred thousand dollars ($100,000) property damage in any one accident during the operation of the taxicab, rented automobile, or rented motorcycle of the applicant.

      An applicant seeking a license to operate taxicabs or rented automobiles shall file a bond in amounts as follows:

 

Number of Vehicles	Amount of Bond
0 to 5	$11,000.00
6 to 10	15,000.00
11 to 15	20,000.00
16 to 25	25,000.00
26 to 50	30,000.00
51 to 100	40,000.00

      The bond shall contain a further provision obligating the surety company to give thirty days' written notice before cancellation of such bond to the Risk Manager, the license to expire on the lapse or termination of the bond; or

   (b)   A policy or certificate of liability insurance for each taxicab, rented motorcycle or rented automobile for which a license is sought, acceptable to and approved by the Risk Manager indemnifying the applicant in the sum of at least minimum State requirements for injury to one person and minimum State requirements for injury to more than one person and minimum State requirements for property damage in any one accident through the operation of the taxicab, rented automobile or rented motorcycle of the applicant. The policy shall further contain a clause obligating the surety company to give thirty days' written notice to the Risk Manager before cancellation of the policy, the license to expire upon the lapse or termination of the policy of insurance.

   (c)   The bond or policy of insurance shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon. If at any time, in the judgment of the Risk Manager, the bond or policy is not sufficient for any cause, the Risk Manager may require the owner of the taxicab, rented automobile or rented motorcycle to replace the bond or policy with another approved by the Risk Manager. (Ord. 94620. Passed 6-1-77.)