No license to operate any taxicab shall be issued or renewed by the director of public service and safety, and it shall be unlawful to operate or permit the operation of any such taxicab, unless and until the owner of the same shall deposit and maintain on deposit with the director, a policy of an insurance company duly licensed to transact such business in this state, or of any insurance company not authorized to transact business in this state, provided such insurance is written through a citizen of the state of Ohio duly licensed as provided by R.C. §§ 3905.30 through 3905.35, insuring, within the amounts specified in the policy, the owner of the taxicab, and also any person operating the same in the city as a taxicab under the authority of the owner, whether such authority be under contract or employment, lease or other transaction of the owner, or the owner's assignee or lessee, and such person operating the car, against loss from the liability imposed by law for damages on account of bodily injuries or death or for damage to property (other than injuries, death, or property damage of the insured or insured's employee) resulting from the ownership, maintenance, or use of the taxicabs in the city, and agreeing to pay to any judgment creditor to the extent of the respective amounts specified in such policy, any final judgment rendered against the assured or operator by reason of such liability.
('59 Code, § 761.15)