§ 23-47. Indemnity bond or liability insurance required.

(a)

No taxicab license shall be issued or continued in operation unless there is in full force and effect an indemnity bond for each vehicle authorized, in the amount of fifteen thousand dollars ($15,000.00) for bodily injury to any one person; in the amount of thirty thousand dollars ($30,000.00) for injuries to more than one person which are sustained in the same accident, and ten thousand dollars ($10,000.00) for property damage resulting from any one accident. Such bonds shall inure to the benefit of any person who shall be injured or who shall sustain damage to property proximately caused by the negligence of a licensee or licensee's servants or agents. Such bonds shall be filed with the city clerk and be approved by the city treasurer, and shall have as surety thereon a surety company authorized to do business in the state and be countersigned by a licensed agent in the city.

(b)

The city treasurer may, in such treasurer's discretion, allow the holder to file, in lieu of bond, a liability insurance policy issued by an insurance company authorized to do business in the state by a licensed agent in the city; and such policy shall conform to the provisions of this section relating to bonds.

(Code 1970, § 32-17)

State law reference

Required amounts, Code 1976, §§ 56-9-20(13), 56-9-820.