§ 10-142. Liability insurance.

(a)

Required. The holder of any permit to conduct a taxicab business in the town shall, at all times during the life of such permit, keep each and every vehicle operated under this permit insured by a company authorized to do business in this state, indemnifying the permittee for injury or death or property damage resulting from the operation of such vehicle.

(b)

Minimum amount. The minimum coverage under such insurance shall be at least $30,000.00 for bodily injury to or death of one (1) person in one (1) accident; $60,000.00 for bodily injury to or death of two (2) or more persons in one (1) accident; and $25,000.00 for damage to or destruction of property of others in one (1) accident.

(c)

Town approval required. Such policies or certificates of insurance shall be approved by the town attorney and proof thereof shall be filed with the city secretary.

(d)

City secretary to be notified if insurance cancelled. Such policies of insurance shall not be cancelled or surrendered, except upon written notice to the city secretary.

(e)

Effect of failure to file proof of insurance. Failure of any permittee to procure the policies of insurance as required by this section and file proof of same with the city secretary shall render the permit null and void and all rights thereunder shall cease.

(Ord. No. 9, § 7, 6-12-1979; Ord. No. 135, § 1, 10-17-2000; Ord. No. 195, § 7, 1-6-2004)

State law reference

Minimum financial responsibility insurance amounts. V.T.C.A., Transportation Code § 601.072.