§ 22-9. Surety bond; liability insurance.

(a) Bond required.

(1) Every person who shall be licensed in the towing business under the provisions of this subtitle shall file with the Board of Licenses for Towing Services a bond in the amount of $20,000 to save harmless the owner of any motor vehicle for any property damage occurring thereto during the time that it is in the possession of the person engaged in providing towing services.

(2) Evidence of the filing of such surety bond shall also be provided to the Police Commissioner of Baltimore City who is authorized to recognize such bond as fulfilling the requirements of Article 31, § 22-5 of the City Code.

(b) Insurance required.

Every person who shall be licensed in the towing business under the provisions of this subtitle shall obtain commercial liability insurance in the amount of at least $100,000 per person, $300,000 per occurrence bodily injury liability, and $100,000 per occurrence property damage liability, to cover the cost of any damage to the vehicle resulting from the person's negligence.