Council shall investigate each application to determine the suitability of the applicant to render the services of a hauler. The applicant shall furnish and file with Council a policy or policies of liability insurance issued for the life of the license applied for, or longer, by a responsible insurance company, approved as to sufficiency by Council and as to legality by the Solicitor, providing indemnity for or protection to the applicant against loss resulting from the operation of each vehicle to the extent of one hundred thousand dollars ($100,000) on account of injury or death of one person in any one accident; three hundred thousand dollars ($300,000) on account of injury or death of more than one person in any one accident; and fifty thousand dollars ($50,000) for property damage caused in any one accident.