761.04 INSURANCE REQUIREMENTS.

   No person shall engage in the business of operating taxicabs, automobiles and other vehicles, or shall operate such taxicabs, automobiles or other vehicles for the transportation of persons for hire within the City, or shall permit such to be operated, until the applicant for a license hereunder deposits with the Mayor a policy or certificate of liability insurance for insuring each vehicle for which a license is applied for. The insurance shall be acceptable to the City Director of Law, indemnifying the applicant in the sum of ten thousand dollars ($10,000) for injury to one person and twenty-five thousand dollars ($25,000) for injury to more than one person and two thousand five hundred dollars ($2,500) for property damage, in any one accident through the operation of such vehicle, together with a clause requiring the surety or insurance company to give ten days' written notice to the Mayor before cancellation, expiration or termination of such policy of insurance.

(1979 Code 113.04)