No taxi owner's license shall be issued for any vehicle herein
required to be licensed until the owner thereof shall have filed an
application for the same, addressed to the Mayor and Township Committee,
setting forth the character of the vehicle proposed to be licensed,
the correct name of the owner thereof, the residence or address of
the principal office of such owner, a complete schedule of the fares
proposed to be charged and such other facts as the said Mayor and
Township Committee may require; until the vehicle proposed to be licensed
shall have been inspected and approved, in writing, by the Chief of
Police of the Township of Winslow; until there shall have been paid
to the Township Clerk the license fee hereinafter provided; and until
there shall have been submitted to the Township Solicitor and approved
by him as to both form and sufficiency and filed with the Township
Clerk a policy of insurance, with the premium prepaid thereon, an
insurance policy which shall be issued by an admitted insurance company
duly licensed to transact business under the insurance laws of the
State of New Jersey or a company registered to do business in the
State, the policy providing for not less than thirty-five thousand
dollars ($35,000.) of motor vehicle liability insurance coverage or
the amount of motor vehicle liability insurance coverage required
pursuant to section 1 of P.L. 1972, c. 197 (C. 39:6B-1), whichever
is greater, to satisfy all claims for damages, by reason of bodily
injury to, or the death of, any person or persons, resulting from,
or on account of, an accident, by reason of the ownership, operation,
maintenance, or use of such autocab upon any public street; and to
satisfy any claim for damages to property of any person or persons,
resulting from, or on account of, an accident, by reason of the ownership,
operation, maintenance, or use of such autocab upon any public street.
Nothing contained herein shall prohibit the owner of an autocab
from obtaining any additional amount of motor vehicle liability insurance
coverage from a company licensed outside the State of New Jersey.
A license issued under this chapter shall be effective and operation
thereunder shall be permitted only so long as the insurance policy
shall remain in force to the full and collectible amounts as aforesaid.
The insurance policy shall provide for the payment of any final
judgment recovered by any person on account of the ownership, maintenance,
or use of the autocab or any fault in respect thereto, and shall be
for the benefit of every person suffering loss, damage or injury as
aforesaid.