Every licensee must comply with all insurance requirements mandated by Federal, State and City laws. Licensees must carry public liability and property damage insurance and, where applicable, workers compensation insurance, from an insurance company authorized to do business in the State of Illinois, and qualified under the laws of Illinois to assume the risk in the amounts hereinafter set forth, to secure payment by the licensee, his agents, employees or lessees of any final judgment or settlement of any claim against them resulting from any occurrence caused by or arising out of the operation or use of any of the licensee’s vehicles.
Every insurance policy issued shall list the City of Chicago as an additional insured.
Liability insurance: Each public liability insurance policy shall provide at least the following minimum coverage for each taxicab: $350,000.00 combined single limit coverage per occurrence.
Any licensee who does not carry adequate worker’s compensation insurance shall have his license(s) immediately suspended until proof of such insurance is provided to the commissioner. The licensee shall provide the commissioner with a copy of the licensees’ insurance verification for worker’s compensation upon request of the commissioner.
Any public chauffeur upon filing a claim for temporary total disability with the Illinois Industrial Commission shall immediately surrender his public chauffeur license to the department. Such public chauffeur license shall remain surrendered for any period for which the chauffeur claims or receives benefits. Any public chauffeur whose claim for benefits with the Illinois Industrial Commission is determined to be fraudulent, not credible, or otherwise not filed in good faith may have his public chauffeur license revoked.
If any medallion license holder fails to maintain required insurance, the commissioner may immediately suspend the medallion license holder’s taxicab vehicle license and impose a fine as set forth in section9-112-630" destination-id="JD_9-112-630">9-112-630 of this Code, in addition to all other applicable penalties, including license suspension, and/or license revocation. If a medallion license holder demonstrates a pattern of failing to maintain required insurance, the commissioner may revoke the license.
(Added Coun. J. 1-18-12, p. 19118, § 1; Amend Coun. J. 6-6-12, p. 28356, § 20)