Insurance. As a condition for the issuance of a license hereunder,
the applicant for a jitney license, in accordance with the provisions
of N.J.S.A. 48:16-24, shall file with the licensing clerk a valid
certificate of liability insurance (ACORD sheet) attesting that the
person and/or owner-operator is insured under a policy of comprehensive,
general liability insurance. The limits of said insurance shall be
not less than $300,000 per occurrence, or such greater amount as may
be required by law, against loss from the liability imposed by law
upon the jitney owner for damages on account of bodily injury or death
suffered by any person as a result of an accident occurring by reason
of the ownership, maintenance, or use of such jitney upon the public
streets of the City, and such consent shall continue effective and
such operation be permitted only so long as such insurance to the
full and collectible amount shall remain in force, during the entire
term of the policy. Such 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 jitney or any fault in respect thereto
and shall be for the benefit of any person suffering loss, damage
or injury as aforesaid. The certificate of liability insurance (ACORD
sheet), or an accompanying document, shall be submitted with the license
application and shall obligate the liability insurer to notify the
licensing clerk if any change occurs in the policy or if the policy
is terminated or canceled for any reason.
