An owner or operator of a roller skating rink shall furnish to the City Clerk proof of the issuance of an insurance policy by a reputable insurance company insuring such applicant against liability for personal injury or property damage arising out of the maintenance or operation of such skating rink. Such policy shall limit the liability of the insurer to not less than one hundred thousand dollars ($100,000) for each person, three hundred thousand dollars ($300,000)for each accident and fifty thousand dollars ($50,000) for property damage.