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

A. "No license shall be issued or continue in operation unless there is in force and effect for each vehicle authorized an insurance policy issued by a company duly licensed to transact business under the insurance laws of this state in accordance with the minimum insurance requirements delineated in N.J.S.A. 39:6B-1, and any subsequent amendments thereto, and upon execution of a liability waiver, which shall be prepared and provided by the Department of Transportation and Parking.
[Amended 4-23-2019 by Ord. No. B-128]
B. 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 fault in respect thereto, and shall be for the benefit of every person suffering loss, damage or injury as a result of the ownership, operation, maintenance or use of a taxicab. A list of all covered drivers must be included in the policy.
C. In the event that the aforementioned insurance is canceled, the license shall terminate on the date of the cancellation, unless the insurance has been reinstated and a withdrawal of the cancellation or a new policy of insurance has been submitted to the Clerk of the City and to the Division of Taxi and Limousine Licensing within two business days of any change. As a condition of obtaining a City of Hoboken taxicab license, the taxicab license holder agrees to provide the Division Head with the authority to communicate directly with the taxicab license holder's insurance companies.
D. The bond or bonds shall be filed with the City Clerk and shall have as surety thereupon a surety company authorized to do such business in the State of New Jersey.
E. This section shall not abrogate or relieve a license holder from any duty or requirement of the insurance laws of this state."