What are the Taxi Insurance Requirements for Fairview, New Jersey?

Every applicant for a taxicab owner's license shall submit an insurance policy or bond required by N.J.S.A. 48:16-3 and 48:16-4 covering the taxicab to be licensed; however, the amount of said insurance or bond shall not be less than one hundred thousand ($100,000.00) dollars, and shall execute and deliver to the Borough Clerk, concurrently with the filing of the policy or bond aforesaid, a power of attorney, wherein and whereby the owner shall appoint the Borough Clerk his 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 or bond filed in accordance with N.J.S.A. 48:16-5.