Upon application for a vehicle-for-hire license, every applicant shall file with the director evidence of an insurance policy on a form approved by the city attorney. Said policy shall provide liability insurance coverage for each and every vehicle owned or operated by the applicant issued by an insurance company or companies authorized to do business in the state. The policy shall provide coverage for injury to or death of any person injured or killed in any manner for which the owner or operator of said vehicle would be liable on account of any liability imposed by law, regardless of whether the vehicle was being driven by the owner, his agent, employee or lessee. Said policy shall contain coverage limits in an amount of not less than $100,000.00 for death or personal injury of one person, $300,000.00 for death or personal injury per occurrence and $25,000.00 for damage to property. Every such insurance policy shall be continued in full force, notwithstanding any recovery thereon and shall provide that the liability of the insurer shall not be affected by the insolvency or bankruptcy of the insured.

Each insurance policy required hereunder shall extend for the period to be covered by the license applied for, and the insurer shall be obliged to give the director not less than ten days’ written notice in the event of any change or cancellation prior to the expiration date. The cancellation or other termination of any such policy shall automatically revoke and terminate the licenses issued hereunder for the vehicle covered by such policy, unless another insurance policy to comply with the provisions of this section shall be provided and be in effect at the time of such cancellation or termination. (Ord. 1393 §1 (part), 2012).