§ 55.12. Liability Insurance or Surety Bond.

(1)

Responsibility of Vehicle Permit-Holder. The Vehicle Permit-Holder shall possess a liability and property damage insurance policy issued by an insurance company or surety company who is authorized to do business as such in the State of Florida, or who has a current license under federal law as a risk retention group for purposes of insurance.

(a)

The coverage for each vehicle equipped to carry six (6) or fewer passengers, including the driver, shall be issued, at a minimum, in the amounts required pursuant to section 324.031, Florida Statutes.

(b)

The coverage for each vehicle equipped to carry seven (7) or more passengers, including the driver, shall be issued in the amount of One Million Dollars ($1,000,000) combined, single incident, or its equivalent. Any separate policy acquired in order to achieve the higher level of coverage must have the same expiration date as the main policy.

(c)

The insurance policy shall list the City of Orlando as an additional insured with all notices of any kind (including, but not limited to, termination, cancellation, reduction in coverage, renewal, or non-renewal) sent to the City of Orlando at the address of the Vehicle-for-Hire Administrator. The insurance policy shall contain, at a minimum, a thirty (30) day written notice period prior to the effective date of termination, cancellation, reduction of coverage, renewal or non-renewal.

(d)

All vehicle permits issued to a Vehicle Permit-Holder shall be covered under one master policy held by that permit-Holder.

(2)

Self Insurance. The Vehicle Permit-Holder may self-insure for the requirements in (1) if:

(a)

the Vehicle Permit-Holder is certified for financial responsibility as a self-insurer, and is current in standing with the Insurance Commissioner of the State of Florida;

(b)

the retention of exposure by the Vehicle Permit-Holder is no greater than allowed by Florida Statute; and

(c)

the Excess policies, at a minimum, satisfy the policy limits listed in paragraph (1), above.

(3)

Cancellation of Insurance. No policy of insurance or surety bond, as provided for in the preceding section, shall be canceled until the expiration of thirty (30) days after notice of intended cancellation thereof has been given in writing, to the Vehicle-for-Hire Administrator by mail or personal delivery of such notice.

(4)

Effect of No Insurance. Should a Vehicle-for-Hire at any time cease to be covered by a policy of insurance or surety bond as required by paragraphs (1) or (2) above, the Vehicle Permit shall be automatically suspended without the need for any action of the City or the Board, and may only be reinstated pursuant to Sections 55.33 through 55.35 below.

(Ord. of 4-20-1998, Doc. #31157; Ord. of 11-1-1999, § 4, Doc. #32438; Ord. of 1-11-2007, § 7, Doc. #0701111008; Ord. No. 2013-6, § 3, 2-4-2013, Doc. #1302041203)