No license or permit shall be issued unless the applicant shall furnish proof of financial responsibility in the form of liability insurance coverage on the applicant, his agents, his employees in limits of not less than one hundred thousand dollars ($100,000), three hundred thousand dollars ($300,000) limits for personal injury liability and twenty-five thousand dollars ($25,000) limits for property damage liability. (Ord. 47-1975. Passed 5-12-75.)