§ 26-49. Insurance.

(a)

Before commencing to operate a taxicab, every operator shall deposit with the city clerk a policy of liability insurance, or a certificate of insurance, issued by a responsible insurance company duly licensed to transact such business in the state, such insurance to be in amounts as required by A.C.A. § 27-22-104. Such policy shall provide that it may not be canceled without first giving the city clerk ten (10) days written notice.

(b)

In lieu of such policy of insurance, such owner may file a bond, in a form approved by the qualified and licensed attorneys at law contracted to provide legal services pursuant to sections 2-111—2-113 of this Code, to be signed by a corporate surety company licensed to do business in this state which bond shall be conditioned for the payment of property damage and personal injuries in the same manner and to the same extent as herein provided in the case of filing of an insurance policy.

(c)

Alternatively, in lieu of a policy of insurance or such bond, such owner may provide proof of self-insurance, for both property damage and bodily injury, as authorized by A.C.A. § 27-19-107. Such proof shall consist of certification as self-insured by the appropriate department of the state.

(Code 1976, § 32-36; Ord. No. 49-91, § 4, 9-17-91; Ord. No. 3-02, § 5, 1-22-02)