Every person who operates or controls the operation of any taxicab in the City must secure insurance which will afford protection against public liability and property damage. Written proof of same shall be filed with the Chief of Police and shall remain on file with him.
Insurance must be furnished to the satisfaction of the Chief of Police and the City Manager. However, the minimum amount of insurance that can be furnished by the owners or operators shall be in the amount of twenty-five thousand dollars ($25,000) for each person and fifty thousand dollars ($50,000) for each accident, bodily injury liability, and five thousand dollars ($5,000) for each accident, property damage liability.