No taxi permit shall be issued or renewed unless there is in full force and effect a liability insurance policy for all vehicles. This insurance policy must be approved and filed with the Cookeville Police Department before any taxi permits are issued. The insurance policy for each vehicle shall be in the amounts of not less than $100,000 for bodily injury or death per person, $300,000 for bodily injury or death per accident and $100,000 property damage. The insurance policy required by this section shall contain a provision that it shall not be canceled unless after at least twenty (20) days written notice is given by the insurer to both the insured and the Cookeville Police Department. (Ord. #000-02-03, Feb. 2000 as amended by Ord. #001-02-01, Feb. 2001, as renumbered and replaced by Ord. #011-03-03, April 2011)