[Amended 4-20-1976 by Ord. No. G-95-76; 7-19-1983 by Ord. No. G-229-83]
In order to insure the safety of the public, it shall be unlawful for the owner of any taxicab to operate or permit a taxicab to be operated nor shall any license be issued hereunder until the applicant shall have complied with the provisions of N.J.S.A. 48:16-1 to 48:16-12, and the acts amendatory and supplemental thereto, provided that the owner shall file with the Township Clerk an insurance policy of an insurance company duly licensed to transact business under the insurance laws of this state in the sum of $50,000 against loss from liability imposed by law upon the owner for damages on account of bodily injury or death suffered by one person; and in the sum of $100,000 against loss from liability imposed by law upon the owner for damages on account of bodily injury or death suffered by more than one person as a result of an accident occurring by reason of the ownership, maintenance or use of the vehicle so licensed; and the sum of $25,000 against loss from liability imposed by law upon the owner for property damage suffered by any person as a result of an accident occurring by reason of the ownership, maintenance or use of the vehicle so licensed. The license shall be effective and the operation permitted only so long as the insurance shall remain in force. The insurance policy shall provide for the payment of any final judgment recovered by any person on account of the ownership, maintenance and use of such automobile, taxicab or other vehicle as above provided, or any fault in respect thereto, and it shall be for the benefit of any person suffering loss, damage or injury as aforesaid. The owner shall execute and deliver to the Township Clerk concurrently with the filing of the aforesaid policy a power of attorney appointing the Township Clerk his/her true and lawful attorney for the purpose of acknowledging service of any process out of a court of competent jurisdiction to be served against the insured by virtue of the indemnity granted under the insurance policy filed with the Township Clerk. Any license may be revoked by the Township Committee granting the same after notice and hearing whenever it shall appear that a person to whom the license has been granted has failed to furnish and keep in force the insurance and power of attorney herein required or to comply with the terms or conditions imposed by the Township Committee granting the license or any law of the State of New Jersey.