Each holder of a certificate of convenience and necessity under this chapter, shall have in full force and effect on each vehicle being operated as a taxicab upon and over the streets of the city sufficient liability insurance with an insurance company licensed to operate and do business within the state. Compliance with the above insurance provisions is declared to be a condition precedent to the operation of any taxicab upon and over the streets of the city.
(1995 Code, § 6-10)