No license to operate any taxicab shall be issued or renewed by the City Auditor and no person shall operate or permit the operation of any such taxicab unless and until the owner of the same shall deposit and maintain on deposit with the City Auditor, a policy of an insurance company duly licensed to transact such business in this state. Such policy, within the amounts specified herein, shall insure the owner of such taxicab and also any operator operating the same in the city as a taxicab under the authority of such owner, whether such authority be under contract of employment, lease, or other transaction of the owner or the owner's assignee or lessee, and also the driver of such taxicab, against loss from the liability imposed by law for damages on account of bodily injuries or death 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 city, and agreeing to pay to any judgment creditor, to the extent of the respective amounts specified in such policy, and final judgment rendered against the assured or such operator by reason of such liability.
(`63 Code, § 745.07) (Ord. 31-62, passed 6-18-62) Penalty, see § 115.99