No license to operate any taxicab shall be issued or renewed by the Fiscal Officer, and no person shall operate or permit the operation of any such taxicab unless and until the owner of the same deposits and maintains on deposit with the Fiscal Officer, a policy of an insurance company duly licensed to transact such business in this State. Such policy, within the amounts specified in Section 781.08, shall insure the owner of such taxicab and also any operator operating the same in the Village as a taxicab under the authority of the owner, whether such authority is under contract of employment, lease or other transaction of the owner or the owner's assignee or lessee. Such policy shall also insure the driver of such taxicab, against loss from the liability imposed by law for damages on account of bodily injuries or death and/or for damage to property, other than injuries, death or property damage of the insured or insured's employees, resulting from such ownership, maintenance or use of such taxicab in the Village, and agreeing to pay to any judgement creditor, to the extent of the respective amounts specified in such policy, and final judgement rendered against the assured or such operator by reason of such liability. (Ord. 838. Passed 7-10-72.)