No licenses or certificates shall be issued, nor shall any taxicab be operated on the streets of the municipality, until the applicant has filed with the Chief of Police, a casualty insurance policy of an insurance company subject to the approval of the Municipal Attorney. Such policy shall indemnify such applicant in the sum of at least three hundred thousand dollars ($300,000.00) for injury or death to one person, five hundred thousand dollars ($500,000.00) for injury or death to more than one person in the same accident and three hundred thousand dollars ($300,000.00) for property damage in any one accident through the operation of the taxicab of such applicant. Such policy shall further contain a clause obligating the casualty company to give ten days’ written notice to the Chief of Police before cancellation of such policy.