Before any license for taxicabs, as herein defined, shall be issued, the owner shall file with the City Clerk and thereafter keep in force a policy of insurance in a solvent and responsible company authorized to do business in the state, insuring the licensee against any liability for injury to, or death of, any person resulting from the negligence of such owner or his agent in the operation of such motor vehicle, and further insuring the licensee against liability for any damage to property resulting from the negligence of such owner or his agent. The policy of insurance shall insure such licensee upon each taxicab against public liability in the amount of $250,000 as against any one claimant with a maximum of $500,000 liability for any one accident; and shall further insure licensee against property damage for the sum of not less than $50,000 arising from any one accident. Provided further that the policy of insurance shall name the city as additional insured with a provision that such naming shall not incur any liability on the city for payment of premiums; shall require notice to the city in case of cancellation; and shall not preclude the city from any recovery there-under to which it might have been entitled had it not been named as coinsured.
(`79 Code, § 112.065) Penalty, see § 10.99