(A) The Town Board shall not approve any application for any certificate of convenience and necessity, franchise, license, permit or other privilege or authority to any person authorizing such person to engage in the business of operating a taxicab within the town unless such person first files with the Town Board proof of financial responsibility as hereinafter defined.
(B) As used in this section, PROOF OF FINANCIAL RESPONSIBILITY shall mean a certificate of any insurance carrier duly authorized to do business in the state, certifying that there is in effect a policy of liability insurance insuring the owner and operator of the taxicab business, his or her agents, and employees while in the performance of their duties against loss from any liability imposed by law for damages, including damages for care and loss of services because of bodily injury to or death of any person and injury to or destruction of property caused by accident and arising out of the ownership, use or operation of such taxicab, subject to limits (exclusive of interests and costs) with respect to each such motor vehicle as follows: $25,000 because of bodily injury to or death of one person in any one accident and, subject to said limit for one person, $50,000 because of bodily injury to or death of two or more persons in any one accident and $50,000 because of injury to or destruction of property of other in any one accident.
(1991 Code, § 113.01) Penalty, see § 113.99