§ 23-3. Proof of financial responsibility.

(a)

No person shall engage in the business of operating a taxicab within the city unless he first files with the chief of police proof of financial responsibility. As used in this section, proof of financial responsibility shall mean a certificate of any insurance carrier duly authorized to do business in the state certifying that there is in effect a policy of liability insurance insuring the owner and operator of the taxicab business and his agents and employees while in the performance of their duties against loss from any liability imposed by law for damages, including damages for care and loss of service because of bodily injury to or destruction of property caused by accident arising out of the ownership, use or operation of such taxicabs, subject to limits, exclusive of interest and costs, with respect to each such motor vehicle as follows: twenty-five thousand dollars ($25,000.00) because of bodily injury to or death of one (1) person in any one (1) accident, and subject to such limit for one (1) person; fifty thousand dollars ($50,000.00) because of bodily injury to or death of two (2) or more persons in any accident; and ten thousand dollars ($10,000.00) because of injury to or destruction of property of others in any one (1) accident.

(b)

Before any certificate of insurance provided for in this section may be cancelled, ten (10) days' notice shall be given to the chief of police by the insurance carrier prior to the date of such cancellation.

(Code 1977, § 25-2)