§ 27-01-060. Bond or insurance.

(a)

The owner or operator of every vehicle for hire shall, before obtaining a license, file with the city clerk either a surety bond or a policy of insurance issued by a company authorized to do business in this state as specified in this section. This bond or policy of insurance shall be maintained and renewed as long as the license is in effect, and failure to do so will result in revocation of the license.

(b)

The bond or policy of insurance shall be conditioned to pay all losses and damages for bodily injury, death, or property damage resulting from the negligent operation, maintenance or use of any vehicle for hire, or for any loss or damage to property of shippers or consignees carried by such vehicle for hire.

(c)

The surety bond or policy of insurance shall not be subject to cancellation, except after ten (10) days notice in writing to the city clerk by the issuing company.

(d)

The minimum limits of liability of the surety bond or policy of insurance are as follows:

(1)

For damage to or destruction of property in a single occurrence, other than cargo ..... $100,000.00

(2)

For bodily injury or death to any person for any number of claims arising out of a single occurrence ..... 300,000.00

(3)

All claims arising out of a single occurrence ..... 500,000.00

(Ord. No. 680, § 2, 7-10-84; Ord. No. 759, § 4, 6-13-89)