Before the commencing of operation of such taxicab service used for transporting passengers for hire over the streets of the City, the licensee shall take out and keep in effect at all times, a policy or policies of insurance in some insurance company duly licensed to do business in the State, or provide a surety bond or bonds with individual or corporate sureties as may be approved by the Director of Law, to cover damages for injury to one person in any one accident in the sum of twelve thousand five hundred dollars ($12,500), and damage for injuries to two or more persons in any one accident in the sum of twenty-five thousand dollars ($25,000) and for property damages in any one accident in the sum of seven thousand five hundred dollars ($7,500). Such insurance or surety bond shall be condition for the payment of any final judgment rendered on account of property damage or personal injury, as aforesaid, caused by any such vehicle or taxicab operated on the streets of the City by any such persons.