In lieu of an insurance policy as required by Section 58-23-1220 a bond or bonds may be filed with the governing body of the county in the sum of not less than five thousand dollars for personal injuries and one thousand dollars for property damages in any one accident, such bond or bonds to be given by the owner of the taxi with good and sufficient surety providing for the payment of any damages or injuries that may result in the operation of the taxi on substantially the same terms and conditions as the usual liability insurance policy. The surety on any such bonds as may be as follows: (a) cash deposited with the governing body of the county, (b) bonds of this State, or the United States of a face value equal to the amount of the surety bond or (c) any responsible surety or bonding company licensed to transact business in the State and in such county. The form and sureties on the bond and all matters incidental to the filing thereof shall be approved by the governing body of the county. SECTION 58-23-1240. "Taxi" plate; certificate of insurance. The owner of a taxi must obtain and cause to be affixed at all times to the rear of the taxi in a conspicuous place a metal plate or sticker, the dimensions of which must be approved by the city where the taxi principally operates, which shall have on it the words "Taxi", and be of substantially similar design but a different color from the state license plate. The owner of a taxi that qualifies as a self-insurer, pursuant to Section 56-9-60, must issue to each operator of the taxi a certificate of insurance. The operator of the taxi must maintain a copy of the certificate of insurance in the taxi while it is in operation.
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