§ 33-018. Insurance requirements generally.

(a)

Prior to commencement of operations pursuant to this chapter the holder shall produce and furnish to the director, and thereafter keep in full force and effect, a policy of public liability and property damage insurance. Such policy of insurance shall be in the amount hereafter specified in this chapter and shall be subject to approval by the city risk manager. Every such policy shall insure all the vehicles used by the holder in the vehicle for hire service authorized in the operating permit. Such policy shall inure to the benefit of any person who shall be injured or who shall sustain property damage as a result of the negligence of the holder or his servants or agents. The insurer shall be obligated to pay all final judgments which may be rendered on behalf of the public for injury or damage resulting to persons or property from the negligent operation of the holder's ground transportation service.

(b)

Every policy of insurance shall be issued by an insurance company with a minimum A.M. Best rating of B+ and authorized to do business in Texas.

(c)

Failure to procure and keep in full force and effect an insurance policy from a company that has an A.M. Best rating of B+ or above, or an A.M. Best rating of A- or above if the holder is a TNC, and that meets the minimum amount of insurance requirements under this chapter shall result in the suspension of the holder's operating permits.

(Ord. No. 2014-12-11-1002, § 1(Att. A), 12-11-14; Ord. No. 2015-03-05-0152 , § 1(Att. A), 3-5-15)