A. An insurance policy in such amounts as the city shall from time to time determine appropriate, executed by an insurance company qualified to do business in the state of Utah, insuring any person against loss or damage to person or property resulting to him or his heirs from the negligent operation of any taxicab operated by or on behalf of the owner thereof;

B. In the event the taxicab is licensed as such by the city, there may be submitted in lieu of the actual policies and/or bonds an affidavit that they are in effect in the amounts prescribed and are on file in Salt Lake City or County and, in such case, the applicant shall keep the same in full force and effect during the whole period for which such taxicab is covered by a license issued hereunder;

C. The taxicab company shall be required to obtain and maintain in full effect liability insurance on the organization as well as each individual vehicle. (Ord. 10/28/2003O-12 (part); Ord. 12-09-97AA (part))