(a) No person shall operate taxicabs nor engage in the business of operating taxicabs for the transportation of persons for hire within the City, unless the applicant for a license, under the provisions of this chapter, deposits with the Director of Public Safety, a certificate of liability insurance for each taxicab for which a license is applied.
(b) Such insurance shall indemnify the applicant in the sum of twelve thousand five hundred dollars ($12,500) for injury to one person, twenty-five thousand dollars ($25,000) for injury to more than one person and five thousand dollars ($5,000) for property damage in any one accident, through the operation of the taxicab for which the license is applied.