All owners and operators of taxicabs operated within the town shall procure and maintain upon each taxicab owned or operated by him within the town, liability insurance with some insurance company licensed to do business in the state in the sum of $5,000 property damage, $10,000 for injuries to one person, and $20,000 for injuries to more than one person.
('70 Code, Ch. I, Art. I § 15) Penalty, see § 10.99