§ 1170.05. Insurance.

Subdivision 1. General rule. No license may be issued, and any existing license shall be immediately revoked by the Manager, until the applicant or licensee files with the City a current policy of insurance whereby each vehicle for which a license is required is covered against loss or injury in the following amounts:

a)

Each passenger, at least $100,000.00;

b)

Each accident, at least $300,000.00; and

c)

Property damage, at least $50,000.00.

Subd. 2. Self-insurance. If the applicant has qualified as a self-insurer under Minnesota Statutes, section 170.52, and has filed with the City a certified copy of a duplicate original of his self-assurance certificate issued by the State Commissioner of Highways, no policy of insurance shall be required to be filed with the City. In lieu of a policy of insurance or certificate of insurance, applicant may file with the City a surety bond issued by a surety company, authorized to do business in the State of Minnesota, in the sum of $100,000.00 running to the City for the benefit of the City and of all persons who may suffer damages or injury to person or property arising out of the ownership, operation, use or maintenance of any one (1) person injured or killed or whose property is damaged, and $300,000.00 on any one (1) accident, irrespective of the number of persons injured or killed or the amount of damage to property. This bond shall be kept in full force and effect during the fulltime of the license and the liability thereon shall be continuing, notwithstanding any recovery thereon. If a bond at any time during the term of the license is deemed to be undesirable by the City it shall be replaced by a suitable bond to the licensee. The bond shall contain provisions guaranteeing payment of any final judgment entered against the owner or licensee of any taxicab licensed with the City irrespective of financial responsibility or of any acts or omissions of the owner or licensee.

Subd. 3. Approval by City attorney. A surety bond provided under this subsection shall be first approved by the City attorney before a license is issued.

Subd. 4. Notice of cancellation: insurance. Insurance procured pursuant to this subsection shall provide for notice to the City of the termination or cancellation of coverage. Each license issued to the licensee whose insurance is cancelled or terminated shall be suspended automatically until the insurance herein required is provided.