No license shall be granted unless the applicant or operator of the vehicle shall deposit with the Mayor a policy of liability insurance issued by an insurance company licensed to do business in the State, or, in lieu thereof, furnish a bond executed by a surety company authorized to do business in the State. Such policy or bond shall be approved as to sufficiency and legality by the Mayor and the Director of Law, respectively. The extent of the liability of the insurer, or surety, as to any one licensed public vehicle operated by the applicant, shall be one hundred thousand dollars ($100,000) on account of injuries to, or death of, any one person in any accident; and, subject to such limit as respects injury to, or death of, one person, three hundred thousand dollars ($300,000) on account of any one accident resulting in injury to or death of more than one person; and fifty thousand dollars ($50,000) on account of damage to property in any one accident.
(Ord. 143-75. Passed 6-19-75.)