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 $10,000 per person, $20,000 aggregate and $5,000 property damage for each taxicab licensed, not cancelable within ten 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.
(Prior Code, § 3-11-5)