What are the Taxi Insurance Requirements for Fort Lee, New Jersey?

A. Every applicant for a taxicab owner's license shall submit the insurance policy or bond required by N.J.S.A. 48:16-3 and 48:16-4. If submitting an insurance policy, the policy shall be from an admitted insurance company duly licensed to transact business under the insurance laws of this state or a company registered to do business in this state. The policy must provide for not less than $35,000 of motor vehicle liability insurance coverage or the amount of motor vehicle liability insurance coverage required pursuant to N.J.S.A. 39:6B-1, whichever is greater; to satisfy all claims for damages, by reason of bodily injury to or the death of any person, resulting from or on account of an accident, by reason of the ownership, operation, maintenance, or use of such taxicab 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 taxicab upon any public street. The owner of a taxicab may, at his or her discretion, obtain additional motor vehicle liability coverage from a company licensed outside of the state.
[Amended 12-15-2011 by Ord. No. 2011-22]
B. The municipal consent to operate the taxicab shall become 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.
C. 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 taxicab or any fault in respect thereto, and shall be for the benefit of every person suffering loss, damage or injury as aforesaid.
D. If an owner operates more than one taxicab, he may file with the clerk of the municipality, in lieu of the insurance policy required above, a bond or insurance policy of a company duly licensed to transact business under the insurance laws of this state, in the sum of $50,000, which shall be a blanket insurance covering all cabs operated by such owner, which shall provide for the payment of any final judgment recovered by any person on account of the ownership, maintenance and use of any such taxicabs or any fault in respect thereto, and shall be for the benefit of every person suffering loss, damage or injury as aforesaid.
E. All applicants shall also 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.
F. Nothing in this section shall be deemed to deny a taxicab owner of his right to obtain an exemption from insurance from the Commissioner of Banking and Insurance pursuant to N.J.S.A. 48:16-8.
§ 372-13Issuance of insurance certificate.
The Borough Clerk, upon filing of the required insurance policy or bond, shall issue a certificate in duplicate showing that the owner of the taxicab has complied with the terms of the Revised Statutes, aforementioned, which certificate shall recite the name of the insurance company, the number and date of expiration of the policy or bond, a description of the taxicab insured thereunder and the registration number of the same. The duplicate certificate shall be filed with the Department of Motor Vehicles before any such car is licensed as a taxicab. The original certificate shall be posted in a conspicuous place within the taxicab.