§ 1160.07. Insurance requirements.

No license may be issue until the applicant obtains and files with the City Clerk a policy of liability insurance by an insurance company authorized to do business under the laws of the State of Minnesota, to be kept in force for the remainder of the licensing year. The policy shall insure the applicant, his renters, an lessees, and the person operating such motor bicycles against liability for loss in the sum of $25,000.00.00 for injury to or death of any one (1) person in any one (1) accident, $50,000.00 for injury to or death of more than one (1) person in any one (1) accident, and $5,000.00 because of damage to or destruction of property in any one (1) accident resulting from the negligent operation, use, or defective condition of any motor bicycle belonging to the applicant. The policy shall contain a provision for a continuing liability thereunder for the term of the license to the full amount thereof, notwithstanding any recovery thereon. The policy shall also contain an endorsement to the effect that the liability under the policy is not affected by reason of any motor bicycle having been furnished to or rented or leased by a minor, and, further, that the City Clerk shall be notified by letter at least ten (10) days before the cancellation of the insurance policy. The policy shall also contain a provision providing for at least $200.00 medical payments to cover the operator or passenger of such vehicle if personal injury results to the operator or passenger from its use.