No person shall be allowed to register under the terms of this section 8-3-3 unless he deposits with the building inspector evidence of liability insurance issued to him for the full period of registration, such insurance to be in the amount of fifty thousand dollars ($50,000.00) for property damage, one hundred thousand dollars ($100,000.00) for personal injury to one person and three hundred thousand dollars ($300,000.00) for personal injury to more than one person, or, in lieu thereof, for bodily injury and property damage combined, three hundred thousand dollars ($300,000.00) each occurrence, three hundred thousand dollars ($300,000.00) aggregate. (Ord. 2014-12, 1-13-2015)