No license shall be issued until the owner of vehicles used for the collection or hauling of waste materials shall file with the Director of Public Works a policy or policies of insurance issued by an insurance company or insurance companies duly licensed to transact business in the State of Ohio, insuring within the amount specified in such policy, against loss from liability imposed by law for damages on account of bodily injuries or death and for damage to property resulting from such ownership, maintenance or use or operation of such vehicles in the City, and agreeing to pay any judgment credited to the extent of the respective amounts, specified in such policy, the amount of any final judgment rendered against the insured or operator by reason of such liability. The limits of any such insurance policy of such liability of the insured shall be not less than $500,000 for bodily injuries to or death of one person, and $1,000,000 on account of any one accident resulting in injuries to and/or death of more than one person; and $50,000 on account of damage to property in any one accident. The City shall be named as the co-insured.
(1969 Code 52.05)