763.02  INSURANCE.
   Each person who operates or controls the operation of any taxicab in the City must secure and file with the Mayor insurance which will afford protection against public liability and property damage.
   The certificate of the insurance policy shall remain on file with the Mayor.  Insurance must be furnished to the satisfaction of the Mayor; the minimum amount of insurance that can be furnished by the owners or operators and approved by the Mayor shall be in the amount of one hundred thousand dollars ($100,000) for each person, five hundred thousand dollars ($500,000) for each accident for bodily injury liability, and three hundred thousand dollars ($300,000) for each accident for property damage liability.