(a) Before the issuance of a license to operate a taxicab or motor vehicle for hire, the licensee shall file a certificate of self insurance issued by the Secretary of State, or a certificate signed by a duly authorized officer of a company authorized to write insurance in the State, to the effect that a policy of insurance has been issued to the licensee and is in full force and effect and that the premium has been paid as required thereon, together with a true copy of the policy contract or certificate of insurance. In cases where the insurance premium is payable monthly, proper certificates or evidence of payment of the premiums shall be delivered to the City Clerk not later than the first day of each month.
(b) Such policy of insurance shall insure the licensee against loss resulting from liability imposed by law for property damage, bodily injury or death suffered by any person arising out of the ownership, maintenance, operation or use of a taxicab or motor vehicle for hire with minimum liability coverage, exclusive of interest and costs, of not less than fifty thousand dollars ($50,000) because of bodily injury to or death of one person in any one accident, and subject to a limit of one person, to a limit of not less than one hundred thousand dollars ($100,000) because of bodily injury to or death of two or more persons in any one accident, and to a limit of not less than fifty thousand dollars ($50,000) because of injury to or destruction of property of others in any accident.
(c) Such policy of insurance shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon, and a provision that until the policy is revoked, the insurance company will not be relieved from liability on account of nonpayment of premium, failure to renew a license at the end of the year or any act or omission of the named insured.
(d) Any insurance company whose policy has been so filed pursuant to this section may file a notice with the Chief of Police of its intention to terminate and cancel such policy and shall give notice thereof to the named licensee. Ten days after such filing such licensee or owner shall cease to operate or cause to be operated within the City any taxicab or motor vehicle for hire, and the license issued shall cease and terminate. However, the liability of the insurance company thereon for any act or omission of the licensee or owner occurring prior to the effective date of cancellation shall not be thereby discharged or impaired.