No license required by § 876.03 shall be issued or remain valid unless the applicant or licensee deposits with the Director of Finance proof of issuance of a policy of liability insurance or an indemnity bond with corporate sureties satisfactory to the Director. Such policy or bond shall, at a minimum, provide coverage for bodily injury or death in the amounts of fifty thousand dollars ($50,000.00) per person and one hundred thousand dollars ($100,000.00) per accident, and for property damage in the amount of twenty-five thousand dollars ($25,000.00) per accident, resulting from the operation or use of any taxicab subject to this chapter. Such policy or bond must remain in effect at all times that any such taxicab is operated or used.