(a) No person shall operate any taxicab within the City without first having filed with the City Manager or his designee a casualty insurance policy for such vehicle. Such policy shall indemnify the owner or operator of such vehicle in the minimum sum of fifty thousand dollars ($50,000) for injury or death to one person, one hundred thousand dollars ($100,000) for injury or death to more than one person in the same accident, and twenty-five thousand dollars ($25,000) for property damage in any one accident through the operation of such vehicle.
(b) The policy shall further contain a clause obligating the insurance company to give ten days' written notice to the City Manager or his designee before cancellation or expiration of such policy.
(1977 Code Sec. 25-38.)