§ 407-27. Liability Insurance, Bond, and Irrevocable Letter of Credit Requirements.

No license to operate any public vehicle shall be issued or renewed by the city treasurer, and no person shall operate any public vehicle, or permit such to be operated, unless and until the applicant shall deposit with the city treasurer a policy or policies of liability insurance issued by a responsible insurance company or a risk retention group meeting the requirements of the Liability Risk Retention Act of 1986. Said policy or policies shall be approved as to sufficiency by the city treasurer, and provide indemnity for or protection to the insured against loss in the amounts provided for in Sections 407-29 and 407-30 herein, and an agreement to pay, within the limits of the amounts fixed in said sections to any judgment creditor, any final judgment rendered against the insured by reason of the liability of the insured to pay damages to others for bodily injuries, including death at any time resulting therefrom, and for damages to or destruction of property sustained during the term of said policy by any person other than the insured and employees of the insured, and resulting from negligent operation, maintenance or use of such licensed public vehicle.

The policy of insurance shall provide that in case the vehicle is operated, maintained or used with the consent or acquiescence of the owner, by one other than the owner, the owner's agent or employee, and an injury results to person or property as indicated above, due to the negligent operation, maintenance or use of the vehicle, that the insurer shall pay to any judgment creditor of the person so maintaining, using or operating the vehicle, any final judgment rendered against the person so maintaining, using or operating the vehicle.

The applicant furnishing insurance may be either one single licensee or two or more licensees acting jointly so as to have an insurable interest in one another that would qualify them as a single insurable entity to purchase one insurance policy. The insurance policy supplied by multiple licensees shall apply jointly and severally to all such licensees.

The policy or policies must be valid and effective as of the date the license is issued and must be maintained throughout the term of the license period. In the event the licensee's insurance expires or is cancelled during the term of the license, the licensee must provide proof of a valid policy that meets the requirements of this chapter. Failure to provide proof of current valid insurance is a basis for revocation of license without a prior hearing.

Transportation network companies are exempt from this section and shall maintain insurance as described in Ohio Revised Code Chapter 3942 or any successor chapter or sections to that chapter of the Ohio Revised Code.

(C.O. 407-27; a. Ord. No. 440-1971, eff. Dec. 8, 1971; reordained as C.M.C. 407-27, eff. Jan. 1, 1972; a. Ord. No. 390-1987, eff. Jan. 15, 1988; a. Ord. No. 158-1988, eff. May 11, 1988; a. Ord. No. 117-1995, eff. May 5, 1995; a. Ord. No. 309-2014, § 15, eff. Nov. 29, 2014; a. Ord. No. 0127-2019, §§ 3, 4, eff. May 24, 2019)