(a) No person shall operate a taxicab or permit such to be operated until and unless the one to whom a license is so given deposits with the Safety-Service Director a policy or certificate of liability insurance for each taxicab, acceptable to and approved by the Director in the sum of a least one hundred thousand dollars ($100,000) for injury to one person, and three hundred thousand dollars ($300,000) for injury to more than one person, and fifty thousand dollars ($50,000) property damage for any one accident through the operation of such taxicab.
(b) Such policy of insurance shall contain a provision for continuing liability thereunder to the full amount thereof notwithstanding any recovery thereon, and a clause obligating the insurance company to give ten days written notice to the Director before cancellation of such policy.