Upon an application being granted, the applicant shall, before the license is issued, take out liability insurance in a company licensed to do business in the state and to be approved by the mayor and city council, in a sum not less than ten thousand dollars ($10,000.00) per person, twenty thousand dollars ($20,000.00) aggregate and five thousand dollars ($5,000.00) property damage for each taxicab licensed, not cancelable within ten (10) days' notice to the city. The applicant must also file competent evidence with the mayor and city council that the policy covers the period for which a license is to be granted. (1985 Code § 16-205; amd. 2004 Code)