§ 37-95. Required; amounts; conditions.

(a)

Before any taxicab or livery vehicle business license shall be issued, the applicant shall file and maintain with the license administrator for each vehicle to be licensed a policy or policies of insurance issued by an insurance carrier who offers proof that it:

(1)

Is licensed to do business in the state and has and maintains a local office or agent in the state upon whom service of process may be had;

(2)

Carries a Best's policyholder rating of B+ or better; and

(3)

Carries at least a class VIII financial rating; or

(4)

Is a company mutually agreed upon by the unified government and the licensee.

(b)

The policy shall be approved by the license administrator and approved as to form by the county administrator. The policy of insurance shall indemnify the licensee, owner, lessee, operator, and driver, as appropriate, and shall meet the following requirements:

(1)

Liability insurance for each vehicle of not less than $25,000.00 because of bodily injury to or death of one person in any one accident and, subject to the limit for one person, to a limit of not less than $50,000.00 because of bodily injury to or death of two or more persons in any one accident and to a limit of not less than $25,000.00 because of harm to or destruction of property of others in any one accident, including $25,000.00 for baggage or other property of a passenger carried in or on the vehicle.

(2)

A separate endorsement requiring the insurance company to notify the license administrator in writing of any change in or cancellation of the policy at least ten days prior to the change or cancellation.

(c)

The taxicab or livery vehicle business license shall be automatically suspended for any period that required insurance is not maintained in force, upon the lapse of the policy or termination of the policy by cancellation, unless within such ten days of notice of cancellation, the licensee shall furnish another policy acceptable to the license administrator.

(d)

In this article, the term "liability insurance" means a policy of insurance under which an insurance company obligates itself to handle claims under the coverage of the policy and to indemnify the licensee, owner, lessee, operator, and driver, as applicable, an pay to the claimant all amounts owing up to the limit of coverage.

(Code 1988, § 37-86; Ord. No. O-30-03, § 1, 8-7-2003)