Every person applying for a license as required in this chapter shall provide and file with the Mayor a policy or certificate of liability insurance for each public vehicle for which a license is sought, indemnifying the applicant in the sum of at least two hundred thousand dollars ($200,000) for injury to one person, five hundred thousand dollars ($500,000) for injury to more than one person and fifty thousand dollars ($50,000) property damage, in any one accident, through the operation of the public vehicle of the applicant.
The insurance policy must be acceptable to the Mayor and the Director of Law and shall also contain a clause obligating the insurance company to give ten days written notice before cancellation of the policy. The license shall expire upon the lapse or cancellation of the insurance policy.