§ 11-5. Insurance.

(a)

When an applicant submits a license fee and application to the city pursuant to this chapter, the applicant shall also submit a current, effective insurance policy or a copy thereof providing liability insurance covering each vehicle to be used by the licensee in conducting his operations. Such insurance shall be in an amount no less than five hundred thousand dollars ($500,000.00) for injuries resulting to one or more persons from any one accident and not less than one hundred thousand dollars ($100,000.00) for property damage or, in lieu thereof, a bodily injury and property damage insurance policy with a single, combined limit of five hundred thousand dollars ($500,000.00).

(b)

Any bond or policy of insurance required from a licensee under this chapter shall take effect and shall terminate, respectively, on the same dates that the license for which it has been provided shall take effect and shall expire under this chapter; and such bond or policy of insurance shall not be approved or allowed if its termination date does not coincide with the expiration date of the license under this chapter for which it has been provided.

(Ord. No. 89-20, § 2, 11-14-89; Ord. No. 89-27, § 1, 12-19-89; Ord. No. 97-11, § 1, 6-10-97)