No taxicab franchise shall be issued or continued in operation unless there is in full force and effect a liability insurance policy for each vehicle authorized in the amount of $250,000 for bodily injury or death to any one person, $500,000 for bodily injuries or death to more than one person which are sustained in the same accident and $25,000 for property damage resulting from any one accident. The insurance policy required by this section shall contain a provision that it shall not be canceled except after at least 20 days written notice is given by the insurer to both the insured and the Town Clerk of the municipality.
(`83 Code, § 5-403)