§ 42-74  INSURANCE.
   No license shall be issued under this article until and unless the applicant for a license deposits with the City Clerk a prepaid policy or certificate of liability insurance coverage for each vehicle. The policy or liability insurance shall be accepted and approved by the Chief Legal Officer and issued by a company authorized to do business in the State, indemnifying the applicant in the sum of at least $10,000.00 for injuries or death to one person, or $20,000.00 for injuries or death to more than one person and $5,000.00 property damage in any one accident through the operation of the vehicle of the applicant. The policy of insurance so deposited shall contain a clause obligating the company issuing same to give ten days’ written notice before cancellation to the City Clerk. The license for operation of the vehicle shall expire upon the lapse or termination of the policy of insurance.
(Ord. 839, passed 1-10-1949; Ord. 1242, passed 1-3-1955)