§ 82-29. Liability insurance or surety bond.

(a)

It shall be unlawful for the owner, operator, driver or chauffeur of any taxicab to drive or operate the taxicab or to permit the taxicab to be driven or operated upon the public streets, unless such owner, operator, driver or chauffeur shall have first procured and filed with the city clerk a liability insurance policy issued by a good and responsible insurance company or a surety bond issued by a good and responsible surety company. The insurance company or surety company must have authority to do business as such in the state and must be acceptable to and approved by the city commission. The amount of liability insurance or surety bond for each taxicab shall be as follows:

(1)

An amount of not less than $100,000.00 for any one person injured because of the negligent operation of such taxicab;

(2)

An amount of not less than $300,000.00 for more than one person so injured in any one accident; and

(3)

An amount of not less than $50,000.00 for all property damage in any one accident.

(b)

Such policy of insurance or surety bond may be in the form of a separate policy or separate surety bond for each taxicab or may be in the form of a fleet policy covering all taxicabs operated by such owner, operator, driver or chauffeur. In the latter event such policy of insurance or surety bond shall provide the same liability for each taxicab operated in service as specified in subsection (a) of this section. Every taxicab hired in service shall have conspicuously displayed therein or thereon some sign evidencing the fact of compliance with this section and the form thereof shall be prescribed by the chief of police.

(c)

No policy of insurance or surety bond shall be cancelled until the expiration of five days after notice of intended cancellation thereof has been given in writing, to the city clerk by registered mail or personal delivery of such notice, and a provision thereof shall be embodied in the policy or surety bond.

(Code 1988, § 23-23)