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No permit shall be issued under the provisions of this subchapter, unless the applicant therefore shall procure and keep in full force and effect a policy or policies of public liability and property damage insurance issued by a casualty insurance company authorized to do business in the state and in the standard form approved by the State Board of Insurance Commissioners, with the insured provisions of the policy or policies including the city as an insured, and the coverage provision insuring the public from any loss or damage that may arise to any person or property by reason of the operation of a wrecker of such company and providing that the amount of recovery on each wrecker shall be in limits of not less than the following sums:
(A) For damages arising out of bodily injury to or death of one person in any one accident - $10,000.
(B) For damages arising out of bodily injury to or death of two or more persons in any one accident - $20,000.
(C) For injury to or destruction of property in any one accident - $5,000.
('68 Code, § 7-30) (Ord. 1060, passed 1-22-62)