(a) No person shall operate or cause to be operated any taxicab over and upon the streets of the town without first having in
force and effect at all times a policy of liability insurance with company licensed to do business in the state, or providing
a surety bond or bonds with corporate sureties approved by the town council or depositing cash or securities with the town
treasurer when approved by the town council to cover damages for injury to persons or property in an amount required by the
motor vehicles safety and financial responsibility act. Such liability insurance, surety bond or bonds or the deposit of cash
or securities shall be conditioned upon the payment of any final judgment rendered on account of any personal injury or property
damage caused by any taxicab by operating on any of the streets of the town by or under the direction of such person.
(b) Any person who has otherwise qualified for operating taxicabs in the town as provided in this article and who desires to furnish
liability insurance provided herein as a condition precedent to the operation of any such taxicab shall file with the town
council a copy or duplicate original of any policy or policies of liability insurance carried by such person.
(c) Any person who has otherwise qualified for operating taxicabs in the town as provided in this article, who desires to furnish
a surety bond or bonds as provided herein in lieu of liability insurance as a condition precedent to the operation of taxicabs
on the streets of the town shall first submit in duplicate to the town council such bond or bonds for approval, and, when
approved, a duplicate original shall be kept by the town council. Any such bonds given shall accurately identify the taxicabs
covered therein.
(d) Any person who has qualified to operate taxicabs in the town as provided in this article and who desires to deposit cash or
securities in lieu of liability insurance, or in lieu of providing a surety bond or bonds, as herein set forth, as a condition
precedent to the operation of any such taxicabs on the streets of the town, shall deposit with the town treasurer, with approval
of the town council, at least the sum or approved securities, equal to twenty-five thousand dollars ($25,000.00), not less
than ten thousand dollars ($10,000.00) of which to cover injury to any one (1) person in any single accident, and five thousand
dollars ($5,000.00) of which to cover property damage in any single accident the same to be credited upon the payment of any
final judgment rendered for injuries and property damages as heretofore provided. Any such insurance, bond or deposit shall
also contain a provision for continuing liability thereunder to the full amount therefor notwithstanding any recovery thereon.
