(A) The limit, in any such insurance policy, of the liability of the insured on account of the ownership, maintenance, and use of each taxicab, shall not be less than $50,000 for bodily injuries to or death of one person, and subject to such limit as to injury or death of one person, $100,000 on account of any one accident, resulting in injuries to or the death of more than one person, and $5,000 on account of damage to property in any one accident.
(B) Any such insurance policy shall be subject to the approval of the city director of law as to its form and compliance with this chapter.
('59 Code, § 761.16) Penalty, see § 115.99