El Monte : Cab Insurance Guidelines
Desiring more stringent guidelines for companies that insure taxi drivers, the City Council voted unanimously Tuesday to amend the city’s insurance ordinance.
Companies must now be licensed by the state and be members of the California Insurance Guarantee Fund with a minimum rating of “B+ VII.”
That rating will assure that drivers are insured by companies having adequate funds to compensate residents involved in accidents caused by taxis, City Atty. David F. Gondek said.
“In the past, we spent a lot of time getting confirmation of acceptable insurance companies. We won’t have to do that now,” Gondek said.
The amended code continues to require a $120 annual permit fee to operate a cab in the city, granted only after drivers show they have paid insurance premiums. Minimum liability coverage must total $100,000 per person, $300,000 per accident and $50,000 for property damage.
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