Each holder of a business license for taxicab operations shall indemnify and hold harmless the city against and from all damages, judgments, decrees, costs and expenditures which the city may suffer or which may be recovered from or obtained against the city during the time the business license is in force for or by reason of acts done by the owners, their employees or agents during the time such license is in force, or growing out of or resulting from the exercise by such license holder of any or all of the rights and privileges granted by the license, or any act of the servants or agents thereof, under or by virtue of the provisions of this chapter or the license under which such owner is operating. (Ord. 2217 NCS §l (part), 2005.)