Legal Documents of Newport

No franchise required by this chapter shall be issued or continued in operation unless there is in full force and effect a liability insurance policy or bond for each vehicle authorized in the amount of ten thousand dollars ($10,000.00) for bodily injury to any one (1) person, twenty thousand dollars ($20,000.00) for injuries to more than one (1) person which are sustained in the same accident and five thousand dollars ($5,000.00) for property damage resulting from any one (1) accident. The required insurance or bond shall inure to the benefit of the city and any person who shall be injured or who shall sustain damage to property proximately caused by the negligence of a taxicab owner, operator or driver. The insurance policy or bond required by this section shall contain a provision that it shall not be cancelled except after twenty (20) days written notice is given by the insurer or surety to the recorder. (1973 Code, § 18-32)